Indian crypto exchange CoinSwitch trims 7% workforce due to lower customer queries. Similar industry trend with CoinDCX’s 12% layoffs citing market challenges. CoinSwitch plans to rehire affected workers later.
CoinSwitch, which is a company in India that lets people trade cryptocurrencies, had to let go of 44 workers from its customer support team. This is around 7% of all the people who work there. They said that there were a lot fewer questions from customers, and the crypto market in general is not doing well. That’s why they had to make these changes.
CoinSwitch India Trims Support Team Due to Market Downturn
A person who speaks for CoinSwitch said that the layoffs were done on purpose to make the customer support team the right size for how many questions they’re getting now. They want to stay strong and make customers happy by doing new things, adding value, and giving good service.
Also, the number of questions from customers has gone down since the time when the crypto market was doing really well in 2021. Someone who knows about this but doesn’t want their name known said that the layoffs had to happen because of how things are in the market now.
Crypto Exchange Layoffs Signal Industry Challenges
CoinSwitch is not the only crypto company facing these challenges. Another company in India, CoinDCX, also had to let go of 71 workers, which is about 12% of their total. They said it’s because the market for cryptocurrencies has been slow, and taxes are also making things hard.
This is happening more in India because the rules for crypto are not very clear, which makes the market unpredictable. Over the past year, some people from CoinSwitch’s support team moved to different jobs within the company. The company also said that if things get better, they’d be happy to have the workers back.
The crypto market has a lot of problems right now, like unclear rules and prices going up and down a lot. CoinSwitch is trying to change how they work to deal with these issues. Taxes on trading and profits have made people trade less, and the market not doing well for a while has made things even tougher.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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