CoinDCX

Indian cryptocurrency exchange CoinDCX has laid off 12% of its workforce, a decision announced on August 22, 2023. While the exact number of affected employees was not specified, the company stated the layoffs are part of a strategic restructuring to improve efficiency and focus on long-term growth amid a challenging market environment. The crypto exchange is providing comprehensive support to those impacted, including full notice period severance, an additional month's salary, and owed variable pay and incentives.

Indian cryptocurrency exchange CoinDCX conducted a quiet round of layoffs in December 2022, affecting an estimated 80 to 100 employees, primarily from its marketing, branding, and activation teams. This represents roughly 12-16% of its then 642-person workforce. The move was part of a broader business restructuring and cost-cutting effort, mirroring industry-wide challenges as crypto exchanges globally face difficult market conditions and regulatory hurdles. While the company publicly framed the changes as an internal reshuffle and hiring for new roles, sources described it as silent layoffs where employees were asked to resign with a month's severance pay. This followed a period of aggressive hiring by CoinDCX and coincided with major layoffs at its investor, Coinbase.