CoinSwitch lays off 44 employees amid bear markets in crypto

Cryptocurrency services company CoinSwitch has laid off about 44 employees. The affected employees were a part of its customer support team. As per the company, it was necessary to align the team with the volume of customer inquiries present 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. Over the last year, many support team members have been absorbed into other functions based on the suitability of their skills for the other roles," a spokesperson for the crypto services platform said in response to queries sent by YourStory.

CoinSwitch is the second company in the cryptocurrency space to lay off employees. Its rival CoinDCX also laid off 12% of its total workforce this month citing harsh macroeconomic conditions.

In June, CoinSwitch said it would consider entering the Indian stock trading space, as per media reports. Zerodha, Groww, Upstox, and Paytm Money are the top players in the sector.

CoinSwitch is backed by Andreessen Horowitz and Coinbase Ventures. It raised a $260 million Series C funding round in December 2021 and was the first company that Horowitz's a16z backed in India.

Cryptocurrency exchange volumes globally have been down following the crash of FTX in November 2022. As per a report by CoinDesk, Indian cryptocurrency exchanges are in survival mode following the imposition of the new tax regime—which is one of the highest anywhere in the world.