India’s largest crypto exchange, CoinDCX, has announced that it is cutting 12% of its workforce due to the prolonged bear market and the impact of the TDS tax on domestic exchanges.
The company said that it had taken several proactive measures to optimize costs and drive efficiency, but the current situation demands that it work with a more efficient team structure.
According to the announcement, CoinDCX is laying off about 71 employees out of its total workforce of 590. The company said the decision was difficult and regrets having to part ways with some of its talented team members.
The company said that it has put together a support package for the impacted employees, which includes:
- Severance pay equivalent to the full notice period
- An additional one month of salary, variable pay and incentives dues
- Encashment of unutilized leaves
- An extension of health insurance and wellness benefits and
- Access to counseling support.
CoinDCX remains bullish on India’s crypto opportunity
Despite the workforce reduction, CoinDCX said that it remains bullish on the Indian opportunity and is committed to driving crypto and web3 adoption to 50 million people by 2025.
The company reassured its customers and partners that its dedication to delivering outstanding service has not and will not waver and that ensuring customer satisfaction remains its topmost goal.
CoinDCX’s founders, Sumit Gupta and Neeraj Khandelwal, also emphasized that they have no plans for further team reduction and that they have discussed this thoroughly and deliberately with senior leaders in the company.
They said that they remain committed to weathering challenges and building a stronger and healthier business.
As CoinDCX looks towards the future, it is committed to its mission to accelerate the adoption of crypto and web3 applications in India and beyond.
The company’s resolve to build and innovate in India for the world stands firm, and with continued support, it aims to contribute to building the future of the Internet.
