CoinDCX to cut around 12% of staff

The Indian cryptocurrency exchange CoinDCX will lay off about 12% of its staff due to shrinking revenues amid the bear market. Bloomberg reports.

The platform’s founders Sumit Gupta and Niraj Khandelwal also spoke of shifting strategy and automating some processes as part of cost-cutting.

“Startups and businesses around the world are going through hard times due to harsh macroeconomic conditions, more so in the crypto industry due to the protracted bear market and the impact of TDS on internal exchanges,” the statement said.

The company noted that these factors had a significant impact on trading volumes and, consequently, on the platform’s revenues.

over the past year trading volumes on Bitcoin exchanges in India have fallen by more than 90% after introduction of a 30% tax on profits from cryptocurrency transactions and a 1% levy under TDS in July 2022.

In April that year, CoinDCX raised $135 million from Steadview, Pantera Capital and other investors. The Bitcoin exchange was valued at $2.15 billion.