Indian crypto exchange, CoinDCX, finds itself in trouble, announcing a notable reduction in its staff by 12% this week. The decision comes after a stark decline in virtual currency trading revenues, emphasizing crypto platforms’ larger challenges, particularly in India.
CoinDCX’s move to downsize aligns with a global trend where cryptocurrency trading platforms have experienced significant drops in trading volumes over the past year. However, the Indian scenario has taken a distinct turn due to government policy implications.
Trimmed Staff And Realigning Strategy
In a recent statement, CoinDCX founders, Sumit Gupta and Neeraj Khandelwal elaborated on the company’s decision. Highlighting the challenging macroeconomic conditions and the subsequent bear market in cryptocurrency, they emphasized these factors’ tangible impacts on their operations.
As part of CoinDCX’s broader initiative to navigate these turbulent times,…
