TechFlow News — CoinDCX founders Sumit Gupta and Neeraj Khandelwal announced in an open letter to employees that the Indian cryptocurrency exchange will lay off 12% of its workforce due to challenging market conditions, resulting in the departure of several talented individuals from the company.
The letter stated that startups are currently facing a difficult macroeconomic environment, with the crypto industry hit particularly hard. Persistent market downturns and transaction taxes have negatively impacted Indian exchanges. These factors have significantly affected CoinDCX's trading volume and revenue.
In response, CoinDCX has taken several proactive measures, including direct cost optimization and investment in automation. The company has also reprioritized certain initiatives and products aligned with its long-term business strategy. To ensure healthy development, the current situation demands a shift toward a more efficient team structure.
The company expressed deep regret over the decision to reduce staff and pledged full support for affected employees, including compensation and assistance with career transitions. For remaining team members, the company maintains confidence in India's market potential and remains committed to its goal of enabling 50 million users in India to adopt crypto and Web3 by 2025.
The founders reaffirmed their belief in the power of Web3 and their commitment to innovating and building in India to make a global impact. They expressed gratitude for the trust of customers and partners and emphasized their ongoing dedication to delivering exceptional service to users.
