Homegrown crypto exchange CoinSwitch lays off 44 workers

NEW DELHI: Homegrown crypto investing platform CoinSwitch has laid off 44 employees as part of a restructuring exercise.

According to Moneycontrol, citing sources, the customer support team was primarily affected by the layoffs as well as the operations team.

“We continuously evaluate our business to stay competitive, prioritising innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform. This impacted the roles of 44 members of our customer support team, who voluntarily resigned from their roles after a detailed discussion with their managers earlier this month,” a CoinSwitch spokesperson, was quoted as saying.

“Over the last year, many support team members have been absorbed into other functions based on the suitability of their skills for the other roles. We are extending all our support to the impacted employees. As and when volumes grow and we open new roles, we will be happy to welcome back those impacted."

CoinSwitch is one of the country's two crypto unicorns, and it is also the most valuable.

In May, CoinSwitch said it had facilitated nearly $25 million in funding in 12 promising startups via its Web3 Discovery Fund.

Last week, the homegrown crypto exchange CoinDCX said it was laying off about 12 per cent of its workforce, as the crypto market continues to navigate the tough macro conditions and impact of TDS on domestic exchanges.

CoinDCX Founders Sumit Gupta and Neeraj Khandelwal said in a blog post that to help the impacted employees, “we have put together a support package consisting of severance pay equivalent to the full notice period, additional one month of salary, variable pay and incentives dues, encashment of unutilised leaves, an extension of health insurance & wellness benefits and access to counselling support”.