CoinSwitch Announces Job Cuts Amid Crypto Layoff Trend in India
CoinSwitch, an Indian crypto unicorn, has recently laid off 44 employees in its customer support and operations teams. The company cited redundancy in roles due to decreased customer queries caused by a bear market. The impacted employees were offered severance pay of up to four months. CoinSwitch clarified that it follows a half-yearly appraisal cycle and not a quarterly one. Despite the layoffs, the company has hired over 60 employees since April and currently has 519 employees.
Key Points:
- CoinSwitch lays off 44 employees in customer support and operations teams
- Layoffs were due to redundancy in roles caused by decreased customer queries
- Impacted employees were offered severance pay of up to four months
- CoinSwitch follows a half-yearly appraisal cycle, not a quarterly one
- The company has hired over 60 employees since April
Hot Take:
The crypto layoff trend in India continues as CoinSwitch joins the list of companies reducing their workforce. The decrease in customer queries and trading volumes has led to the need for restructuring and cost-cutting measures. While the company is offering support to the impacted employees, the overall state of the crypto industry in India remains uncertain due to heavy taxation and regulatory challenges. It remains to be seen how the industry will navigate these obstacles and whether more layoffs will occur in the future.
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