CoinSwitch, a Bengaluru-based crypto asset platform and unicorn, laid off 44 employees in August 2023, marking its first-ever workforce reduction. The cuts primarily affected the customer support team, which the company stated was "right-sized" due to a lower volume of customer queries. While the exact total employee count isn't specified, CoinSwitch is a major, well-funded player in the cryptocurrency industry, having raised over $400 million. This move reflects broader challenges in the crypto sector, including increased regulatory scrutiny in India and a tough market environment, as seen with similar layoffs at other firms like CoinDCX.
