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Indian crypto exchange CoinSwitch trims 7% workforce due to lower customer queries. Similar industry trend with CoinDCX’s 12% layoffs citing market challenges. CoinSwitch plans to rehire affected workers later.

CoinSwitch, which is a company in India that lets people trade cryptocurrencies, had to let go of 44 workers from its customer support team. This is around 7% of all the people who work there. They said that there were a lot fewer questions from customers, and the crypto market in general is not doing well. That’s why they had to make these changes.

CoinSwitch India Trims Support Team Due to Market Downturn

A person who speaks for CoinSwitch said that the layoffs were done on purpose to make the customer support team the right size for how many questions they’re getting now. They want to stay strong and make customers happy by doing new things, adding value, and giving good service.

Also, the number of questions from customers has gone down since the time when the crypto market was doing really well in 2021. Someone who knows about this but doesn’t want their name known said that the layoffs had to happen because of how things are in the market now.

Crypto Exchange Layoffs Signal Industry Challenges

CoinSwitch is not the only crypto company facing these challenges. Another company in India, CoinDCX, also had to let go of 71 workers, which is about 12% of their total. They said it’s because the market for cryptocurrencies has been slow, and taxes are also making things hard.

This is happening more in India because the rules for crypto are not very clear, which makes the market unpredictable. Over the past year, some people from CoinSwitch’s support team moved to different jobs within the company. The company also said that if things get better, they’d be happy to have the workers back.

The crypto market has a lot of problems right now, like unclear rules and prices going up and down a lot. CoinSwitch is trying to change how they work to deal with these issues. Taxes on trading and profits have made people trade less, and the market not doing well for a while has made things even tougher.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #Blockchain #Bitcoin #CryptoNews #CoinSwitch

CryptosHeadlines.com - The Leading Crypto Research Network

India’s digital currency exchange, CoinSwitch, is cutting its workforce by 8% as it explores ways to adapt to current market conditions.

The job cuts primarily affected employees in customer support roles, where the exchange saw redundancy. A total of 44 individuals were affected, and CoinSwitch claims that these employees voluntarily resigned after discussions with management.

A CoinSwitch spokesperson mentioned, “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.”

The broader digital currency market is facing challenges due to an extended bear market, impacting CoinSwitch’s trading volumes, which have decreased by over 70%, and active user numbers.

Additionally, CoinSwitch has grappled with India’s 30% tax requirement and an additional 1% tax deducted at source (TDS).

The exchange observed a significant decline in customer queries since the beginning of the year. Before making the decision to lay off employees, it explored various options, including reassigning customer support staff to other roles within the exchange.

CoinSwitch Reduces Staff Amid Market Challenges

The affected employees received a four-month severance pay, with CoinSwitch expressing its willingness to rehire them when trading volumes recover.

Despite the exchange’s claim that only support role employees were affected, insiders suggest that the terminations spanned across different teams. Some affected staff mentioned they were not given proper notice for the layoffs, despite receiving severance pay.

One affected individual, who chose to remain anonymous, said, “My access was suddenly taken away without prior notice. Several positions were impacted, including team leads, agents, support staff, senior managers, and quality analysts.”

CoinSwitch Expanding Beyond Digital Currencies

CoinSwitch is planning to expand its services beyond digital currencies. The company’s CEO, Ashish Singhal, revealed that they are in talks with regulators to introduce seven mainstream financial products in the fourth quarter of 2023.

These new offerings will include stocks, bonds, exchange-traded funds (ETFs), fixed deposits, and mutual funds, providing a broader range of financial products to their users.

CoinSwitch is not the only Indian exchange facing challenges due to unfavorable economic conditions. CoinDCX, another exchange, has also had to reduce its staff by 12%. In a statement, CoinDCX mentioned that they are using job cuts and automation to improve efficiency and productivity to cope with decreasing trading volumes and reserves.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #cryptomarket #CoinSwitch #CoinDX