Amidst the extended bear market in cryptocurrencies and the effects of TDS on domestic exchanges, CoinDCX, headquartered in Mumbai, has downsized its workforce by 12%.
In a recent blog post, the founders Sumit Gupta and Neeraj Khandelwal talked about the reasons for job reductions. They also reaffirmed their dedication to the team and the company's objectives.
"It is with a heavy heart that we bring forth some challenging news. Today we are making the difficult decision to reduce the size of our team by about 12% and some of our incredibly talented team members will be parting ways with the organisation. We deeply regret that,” read the blog post.
Elaborating on the challenging times in the market, they added, “As you all know, 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."
These factors exerted a notable influence on our trading volumes and, consequently, our revenues. "We undertook several proactive measures, including direct cost optimisation and investment in automation to drive efficiency and productivity. We also reprioritised certain initiatives/products in line with our long-term business strategy,” they explained.
To enhance our future operations as a more resilient business, Sumit and Neeraj emphasised, "The current situation demands that we work with a more efficient team structure. To this end, we have made the difficult decision to resize certain teams and to steer the business towards profitable and sustainable growth."
Although we considered various options, CoinDCX's post stated, "However, given the prevailing market conditions, we find ourselves compelled to make some difficult choices."
"We believe that this is the right thing to do for the business. We understand the emotional toll of this decision, and we bear its weight, both in responsibility and in emotion," the founders stated.
CoinDCX also provided assurance that there are no additional plans for team reductions. The founders further stated, "To ensure that, we have had multiple thorough and deliberate discussions and worked closely with the senior leaders in the company. However, we understand you might have many questions and we'll be addressing them all very soon."
"As we look towards the horizon, we're optimistic about the Indian market and our role in contributing to building the Web3 ecosystem in India and beyond. We stand committed to our mission to accelerate the adoption of crypto and web3 applications, and to usher in a digital realm that epitomizes openness, inclusivity, and fairness - is not just a statement. It's our commitment to you and the world," the post concluded.