Indian cryptocurrency exchange CoinSwitch cut jobs at its customer support team following a drop in client queries on the platform.
(Bloomberg) — Indian cryptocurrency exchange CoinSwitch cut jobs at its customer support team following a drop in client queries on the platform.
- “This impacted the roles of 44 members of our customer support team, who voluntarily resigned from their roles after a detailed discussion with their managers earlier this month,” a company spokesperson said by email
- Over the past year, many support team members have been moved to other functions based on the suitability of their skills for the roles
- Local news outlet Moneycontrol earlier reported on the layoffs
- Crypto-trading platforms worldwide have seen volumes slump over the past year, but the decline has been particularly steep in India after the government introduced a 1% tax on crypto transactions in July 2022. Volumes on Indian crypto exchanges have collapsed more than 90% since then. Earlier this month, rival CoinDCX reduced headcount by 12%
- Read more: Indian Crypto Exchange CoinDCX Cuts Staff by 12%
- Read more: Why India Blows Hot and Cold in Dealing With Crypto: QuickTake
- NOTE: CoinSwitch raised $260 million in October 2021 in a funding round led by Andreessen Horowitz and Coinbase Ventures which valued it at nearly $2 billion
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