CoinSwitch Cuts Support Team, Cities Market Doldrums
Due to poor market activity, Indian cryptocurrency investment platform CoinSwitch reduced its customer care staff by more than a third.
According to a corporate spokeswoman, the 44 job losses that took place roughly three weeks ago represent slightly under 7% of all employees. Prior to the layoffs, the company employed about 640 people altogether after hiring about 60 workers since April, primarily in the compliance and product technology departments. There are still 82 people on the customer service team.
CoinSwitch is not the only company that needs to adjust to a new climate. Rival CoinDCX reduced its workforce by around 12% earlier this month, firing 71 people as a bear crypto market and India’s tax laws combined to lower trading volumes and, consequently, revenue.
(With inputs from Shikha Singh)
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