{"id":83497,"date":"2023-08-23T19:59:54","date_gmt":"2023-08-23T16:59:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83497"},"modified":"2025-09-12T11:28:34","modified_gmt":"2025-09-12T08:28:34","slug":"coindcx-to-cut-around-12-of-staff","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coindcx-to-cut-around-12-of-staff\/","title":{"rendered":"CoinDCX to cut around 12% of staff"},"content":{"rendered":"<p>The Indian cryptocurrency exchange CoinDCX will lay off about 12% of its staff due to shrinking revenues amid the bear market. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-22\/indian-crypto-exchange-coindcx-cuts-staff-by-12\">Bloomberg<\/a> reports.<\/p>\n<p>The platform&#8217;s founders Sumit Gupta and Niraj Khandelwal also spoke of shifting strategy and automating some processes as part of cost-cutting.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cStartups 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 <span data-descr=\"tax deducted at source\" class=\"old_tooltip\">TDS<\/span> on internal exchanges,\u201d the statement said.<\/cite><\/p><\/blockquote>\n<p>The company noted that these factors had a significant impact on trading volumes and, consequently, on the platform&#8217;s revenues.<\/p>\n<p>over the past year trading volumes on Bitcoin exchanges in India have fallen by more than 90% after <a href=\"https:\/\/forklog.com\/en\/news\/trading-volumes-on-indias-crypto-exchanges-fell-after-a-tighter-tax-regime-for-traders\">introduction<\/a> of a 30% tax on profits from cryptocurrency transactions and a 1% levy under TDS in July 2022.<\/p>\n<p>In April that year, CoinDCX <a href=\"https:\/\/forklog.com\/en\/news\/coindcx-crypto-exchange-valued-at-2-15-billion-following-series-d-funding-round\">raised $135 million<\/a> from Steadview, Pantera Capital and other investors. The Bitcoin exchange was valued at $2.15 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian cryptocurrency exchange CoinDCX will lay off about 12% of staff due to shrinking revenues amid the bear market and falling trading volumes.<\/p>\n","protected":false},"author":1,"featured_media":83498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1837,278,1276],"class_list":["post-83497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coindcx","tag-india","tag-layoffs"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=83497"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83497\/revisions"}],"predecessor-version":[{"id":83499,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83497\/revisions\/83499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/83498"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=83497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=83497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=83497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}