Mumbai-headquartered cryptocurrency exchange CoinDCX on Tuesday said it has laid off nearly 12% of its workforce amid rising challenges in the crypto space and overall macroeconomic hurdles faced by startups.

In a blog post, founders Sumit Gupta and Neeraj Khandelwal said the crypto exchange will support the impacted employees with necessary assistance and resources.

“We have put together a support package consisting of severance pay equivalent to the full notice period, additional one month of salary, variable pay and incentives dues, encashment of unutilised leaves, extension of health insurance & wellness benefits and access to counseling support,” the post read.

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