CoinDCX, a well-known crypto exchange operating within the Indian jurisdiction, is decreasing its staff by 12%. The staff cut by CoinDCX reflects the impact of the lengthened bear market in the crypto industry and the revenue slump. One of the chief reasons behind this deals with the tax policies implemented in India.
CoinDCX Decreases Twelve Percent of Its Employees Amid Bear Market in the Crypto World
The platform is suspending seventy-one workers deeming that their roles are not in line with the present business priorities. As per a spokesperson from the company, this decision can help CoinDCX accomplish its objectives with available resources. The platform was established back in the year 2018 by Sumit Gupta and Neeraj Khandelwal. It has nearly 590 workers. The job losses have impacted many teams working under it.
The country of India has implemented hard taxes on cryptocurrency. They take into account tax concerning crypto profits as well as the controversial one percent tax deducted at source (TDS). The TDS is implemented on the entirety of the crypto transfers. It has specifically put a great impact on the trading volumes amid the worldwide crypto bear market.
Executives Point toward Strict Macro Conditions to Be Responsible for This Move
The revenue dip caused by this has pushed crypto exchanges in India into a survival situation. Back in May, Khandelwal stated that the crypto exchange had sufficient cash to operate continuously for 4 years. In a statement, the firm mentioned that worldwide businesses and startups are experiencing stringent macro conditions.
According to the firm the TDS and the bear market have both played a significant role in this respect. While considering these factors, the company decided to resize some of its teams to ensure sustainable and profitable growth. Gupta expressed his regret for this decision and asserted that it was necessary for the firm.
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