Crypto Slump Bites India's Top Exchange As CoinDCX Slashes Workforce By 12%

India-based cryptocurrency exchange CoinDCX has announced a 12% reduction in its workforce due to a decline in virtual currency trading revenues.

“Startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS on domestic exchanges," founders Sumit Gupta and Neeraj Khandelwal stated.

The crypto slump had "a significant impact" on CoinDCX volumes and revenues, they added.

Also Read: CoinDCX's $135M funding: A $2.2B valuation led by Pantera Capital and Steadview Capital

The global crypto trading landscape has witnessed a downturn in the past year.

However, the situation in India worsened after the government imposed a 1% tax on crypto transactions in July 2022, leading to a staggering 90% drop in trading volumes on Indian crypto exchanges.

This tax, referred to as TDS, particularly affected market makers and high-frequency traders, who previously contributed significantly to trading volumes.

Last year, CoinDCX secured funding of $135 million, valuing the company at $2.2 billion, with investments spearheaded by Pantera Capital and Steadview Capital Management LLC.

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