Bengaluru-based crypto asset platform, CoinSwitch has let go 44 members of its customer- support team due to redundancy.
Considering the number of customer queries on the platform, the team handling them appeared too big. Therefore, 44 members of the team gave in their resignations voluntarily, post detailed discussions with their team leads / managers.
Since its launch six years ago, CoinSwitch has managed to acquire funds of more than $300 million from various investors, including Tiger Global, Sequoia Capital India, Andreessen Horowitz (a16z), Ribbit Capital, Paradigm and Coinbase Ventures, via three funding rounds. As of May 2023, the crypto exchange had 13 million users.
Founded by Ashish Singhal, Govind Soni, and Vimal Sagar, CoinSwitch began operating in India in June 2020. It had joined the unicorn club too.
In 2022, the Enforcement Directorate raided various offices of crypto companies, including that of CoinSwitch for non-compliance to the Foreign Exchange Management Act.
Crypto currencies are not banned in India, but they are scrutinized closely by the government. Additionally taxation is also heavy due to which investors are not to keen to support startups in the space.
CoinSwitch isn’t the only crypto firm reducing headcount. CoinDCX also laid off 71 staff members recently due to the slow market and effect of TDS on exchanges. Other crypto firms that have reduced their team sizes this year include, Dapper, Polygon, Genesis Global Trading, Messari and Coinbase.
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