Due to poor market activity, Indian cryptocurrency investment platform CoinSwitch reduced its customer care staff by more than a third.A firm spokeswoman informed CoinDesk that the 44 job losses, which happened roughly three weeks ago, represent slightly under 7% of all staff.Prior to the layoffs, the company employed about 640 people altogether after hiring about 60 workers since April, primarily in the compliance and product technology departments.There are still 82 people on the customer service team.
CoinSwitch is not the only company that needs to adjust to a new climate.Rival CoinDCX reduced its workforce by around 12% earlier this month, firing 71 people as a bear crypto market and India’s tax laws combined to lower trading volumes and, consequently, revenue.India has placed high taxes on cryptocurrencies, including a disputed 1% tax deducted at source (TDS) on all transactions starting on February 1, 2022, as well as a 30% tax on cryptocurrency revenues.
“As and when volumes grow and we open new roles, we will be happy to welcome back those impacted,” a company spokesperson said.
According to a source, CoinSwitch has provided severance and other benefits for up to four months depending on the term of the fired employees.The employment reductions were first reported by the local Indian news outlet Moneycontrol earlier today.According to a source, CoinSwitch has provided severance and other benefits for up to four months depending on the term of the fired employees.