On August 22, founders of Crypto exchange CoinDCX, Sumit Gupta and Neeraj Khandelwal in a blog post said that CoinDCX had laid off around 12 percent of its workforce, citing changes of business priorities and the challenge of the business environment.
Foynded in 2018, CoinDCX is India’s most valuable crypto investment app, that is dedicated to make crypto accessible in a simple way.
This comes at a time when crypto startups, especially Indian exchanges, are struggling with regulatory uncertainty and have witnessed trading volumes decline by 85 to 90 per cent last year amid high taxes and TDS charges.
In the blog post, Gupta and Khandelwal told that startups and businesses globally were going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS on domestic exchanges. Those factors had a significant impact on their volumes and thus revenues and to adapt, they undertook several proactive measures which included direct cost optimization and investment in automation to drive efficiency and productivity. They also reprioritized certain initiatives/products in line with their long-term business strategy.
Now the startup will be focusing on driving profitability and sustainable business.
The startup announced that they will be providing the laid-off employees with necessary assistance and resources, including severance pay equivalent to the full notice period, an additional salary of one month, variable pay and incentives owed, encashment of unused leaves, extension of health insurance and wellness benefits, and access to counselling support.
