Digital asset prime brokerage FalconX has reportedly reduced its global workforce by around 10% as the company adjusts its operations amid continued weakness in cryptocurrency markets.
According to a Bloomberg report, FalconX has also revised its strategy in Singapore. The company is expected to focus on cryptocurrency derivatives trading and withdraw its licence application with the Monetary Authority of Singapore (MAS), while continuing its operations across Asia and expanding its presence in Europe.
Before the reported layoffs, FalconX employed approximately 350 people across the United States, the United Kingdom, Singapore and Hong Kong. The workforce reduction comes less than a year after the company acquired crypto exchange-traded fund (ETF) issuer 21Shares.
FalconX is among several cryptocurrency companies that have announced workforce reductions or restructuring measures in recent years. Firms including Coinbase, Crypto.com, Gemini, Luno and BitGo have also adjusted staffing levels as the industry responds to changing market conditions.
The cryptocurrency sector has experienced lower trading activity following declines in the prices of Bitcoin and other digital assets from previous highs. Reduced trading volumes and weaker retail investor participation have prompted many companies to review operating costs and reassess business priorities.
Industry analysts say cryptocurrency firms are increasingly expanding beyond spot trading by investing in areas such as derivatives, tokenised assets and other digital asset-related financial services as they seek to diversify revenue sources.
The reported restructuring at FalconX reflects a broader trend within the cryptocurrency industry, where companies are balancing cost management with long-term growth initiatives amid ongoing market uncertainty.
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