{"id":57342,"date":"2023-08-22T08:32:39","date_gmt":"2023-08-22T12:32:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=57342"},"modified":"2023-08-22T08:32:43","modified_gmt":"2023-08-22T12:32:43","slug":"coindcx-slashes-12-of-its-staff-amid-crypto-market-challenges","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coindcx-slashes-12-of-its-staff-amid-crypto-market-challenges\/","title":{"rendered":"CoinDCX Slashes 12% of Its Staff Amid Crypto Market Challenges"},"content":{"rendered":"\n<p>India\u2019s largest crypto exchange, <a href=\"https:\/\/coinscreed.com\/staging\/coindcx-raises-135-million-amidst-india-crypto.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">CoinDCX<\/a>, 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. <\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1-1024x512.jpg\" alt=\"CoinDCX Slashes 12% of Its Staff Amid Crypto Market Challenges\" class=\"wp-image-57345\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1-1024x512.jpg 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1-300x150.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1-768x384.jpg 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1-360x180.jpg 360w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1-750x375.jpg 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1-1140x570.jpg 1140w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><a href=\"https:\/\/info.coindcx.com\/announcement\/a-tough-decision-for-a-brighter-future-coindcx\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">According to the announcement,<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> CoinDCX is laying off about <strong>71 employees<\/strong> out of its total workforce of <strong>590.<\/strong> The company said the decision was difficult and regrets having to part ways with some of its talented team members.<\/p>\n\n\n\n<p>The company said that it has put together a support package for the impacted employees, which includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Severance pay equivalent to the full notice period<\/li>\n\n\n\n<li>An additional one month of salary, variable pay and incentives dues<\/li>\n\n\n\n<li>Encashment of unutilized leaves<\/li>\n\n\n\n<li>An extension of health insurance and wellness benefits and <\/li>\n\n\n\n<li>Access to counseling support.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-coindcx-remains-bullish-on-india-s-crypto-opportunity\">CoinDCX remains bullish on India\u2019s crypto opportunity<\/h4>\n\n\n\n<p>Despite the workforce reduction, CoinDCX said that it remains bullish on the Indian opportunity and is committed to driving crypto and web3 adoption to <strong>50 million people<\/strong> by 2025. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>CoinDCX\u2019s 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.<\/p>\n\n\n\n<p>They said that they remain committed to weathering challenges and building a stronger and healthier business.<br><br>As CoinDCX looks towards the future, it is committed to its mission to accelerate the adoption of crypto and <a href=\"https:\/\/coinscreed.com\/staging\/top-15-web3-applications-and-their-web2-equivalent.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">web3 applications<\/a> in India and beyond. <\/p>\n\n\n\n<p>The company\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":57345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[2082,13005],"class_list":["post-57342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-coindcx","tag-layoffs"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/coindcx-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/57342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=57342"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/57342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/57345"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=57342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=57342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=57342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}