In August, Indian crypto startup CoinSwitch laid off 44 employees from its customer support team as a part of a restructuring exercise.
As per CoinsSwitch’s LinkedIn, it has 519 employees so about 8% of the total employee has been impacted by the layoffs.
This decision comes after a week when CoinDCX laid off about 12% of its employees due to a dramatic drop in crypto trading volumes.
CoinSwitch, launched in 2017, is one of the two crypto unicorns from India that has raised over $1.9 billion in 2021 and is the highest-valued crypto company in the country.
It has raised funds from many well-known entities such as Coinbase Ventures, Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital, and Paradigm among others.
A CoinSwitch spokesperson said, “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.”
He added, “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.”
Anothe spokesperson said that “CoinSwitch has been asking people to leave on a quarterly basis depending on their performances. However, this one was not performance-related. Some have been leaving voluntarily too.”
Coinswitch on other hand has denied of having separate operations team for Virtual Digital Assets Business. They assert that the startup has a flat organizational structure with minimal hierarchy.
A Coinswirch spokesperson said that ave follow a half yearly appraisal cycle and not a quarterly one. they further added, “Over 60 people were hired since April. They still have a funding runway of five years.”
Also Read: Indian exchange CoinSwitch Reveals Latest Proof of Reserve
