CoinSwitch cryptocurrency exchange is the latest cryptocurrency trading platform in India to lay off staff during the long crypto winter, local news agency Moneycontrol said. report August 28.
An Indian cryptocurrency exchange reportedly fired 44 employees from its customer support department in August, citing redundant positions due to a lack of customer inquiries sparked by the bear market.
“We are constantly evaluating our business to remain competitive, prioritizing innovation, value and service to our customers. To this end, we have adjusted the size of our customer support team to accommodate the current volume of customer inquiries on our platform,” CoinSwitch said. The company added that this affected the roles of 44 members of its support team, who “voluntarily resigned following detailed discussions with their managers”.
The 44 employees make up a significant portion of CoinSwitch’s headcount, roughly 8%.According to CoinSwitch’s LinkedIn page, the company have As of this writing, there are 519 employees. The company did not immediately respond to Cointelegraph’s request for comment.
News of the layoffs at CoinSwitch comes about a week after another major local exchange, CoinDCX, also laid off 12 percent of its workforce.According to LinkedIn, the company employment As of this writing, there are 730.
“We are taking the difficult decision to reduce the size of our team by approximately 12% and some of our talented team members will be parting ways with the organization,” said CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal. Announce August 22.
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The CoinDCX founder also mentioned market challenges, adding that domestic exchanges have also encountered the impact of the 1% tax deduction at source (TDS) for local cryptocurrency exchanges. They write:
“These factors had a significant impact on our volumes and revenue. To adapt, we took several proactive steps, including direct cost optimization and investments in automation to improve efficiency and productivity.”
According to the announcement, affected CoinDCX employees were promised support packages such as severance pay equivalent to a full notice period, an additional month’s salary, extended health insurance, and other support.
As previously reported, India’s imposition of a 30% tax on cryptocurrency gains in 2022 has led to a massive exodus of cryptocurrency service providers and a sharp drop in cryptocurrency trading activity. The country has also adopted a 1% TDS for cryptocurrency exchanges, which means exchanges are obliged to pay 1% for all transfers of crypto assets.
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