CoinSwitch – an Indian cryptocurrency exchange backed by the financial giant Andreessen Horowitz (a16z) – has reportedly trimmed its team by 44 people, representing 7% of the total workforce.
Another local digital asset organization that recently announced similar amendments is CoinDCX, which laid off 12% of its employees.
What is the Reason?
According to a BQ Prime coverage, CoinSwitch has decided to reduce its team due to the decreasing level of customer activity. A spokesperson of the platform explained in detail:
“We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform.”
A person familiar with the matter noted that clients had been much more intrigued during the bull market in 2021, whereas the prolonged crypto winter has shrunk that enthusiasm, making the dismissals necessary.
However, t
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