Indian cryptocurrency exchange CoinDCX intends to lay off around 12% of its employees due to declining revenues as a result of the bear market, Bloomberg has reported.
The platform’s founders, Sumit Gupta and Neeraj Khandelwal, have said they plan to change strategy and automate some processes as part of cost-cutting.
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According to the publication:
“Startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market.”
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The exchange has highlighted these factors have had a significant impact on trading volume and, as a result, the platform’s revenue.
Bloomberg has reported that over the past year, trading volumes on crypto exchanges in India fell by more than 90% following the introduction of a 30% tax on profits from crypto transactions.
Источник: ru.ihodl.com
