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CoinSwitch Lays Off 44 Employees In Customer Support Team

The layoffs are an effort to right-size the team and many of its support staff members were absorbed into other functions last year basis their skills

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CoinSwitch, the crypto unicorn, has laid off 44 employees from its customer support team in an effort to right-size the team. 

The move comes just a week after CoinDCX, another crypto unicorn, fired off 12 per cent of its personnel, an estimated 80 employees due to severe macroeconomic conditions and regulatory uncertainty in the sector.

CoinSwitch currently has more than 500 workers. This indicates that around 8 per cent of its personnel was let go. This is the first time the Bengaluru-based company has initiated layoffs.

According to CoinSwitch, many of its support staff members were absorbed into other functions during the last year "based on the suitability of their skills for the other roles."

The layoffs come at a time when the cryptocurrency market is experiencing a drop in trading volumes.

According to reports, CoinSwitch has also laid off certain members of its operations team. However, the crypto giant disputed these allegations, claiming that it does not have a separate operations staff for its Virtual Digital Assets Business. According to insiders, the firm has hired more than 60 workers since April of this year.


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