Homegrown cryptocurrency trading firm CoinDCX has cut its personnel by about 12%, citing a change in business priorities. The 2018-founded cryptocurrency venture will now concentrate on achieving profitability and creating a workable business plan.
The decision was made, according to creators Sumit Gupta and Neeraj Khandelwal, who published an item on their blog to share the information. They said that the site is dealing with murky laws and that trade activity has drastically decreased by 85% to 90% over the past year.
The majority of this slowness is a result of increased taxes and TDS fees. Due to the prolonged period of market collapse and the impact of TDS on regional exchanges, this difficulty is especially acute in the cryptocurrency industry. The combined impact of these elements has significantly impacted trade volumes and, consequently, revenues.
According to the decision, automation will be used to increase efficiency and output while also streamlining its costs. Additionally, the startup has reorganized particular initiatives and goods to fit with their broader business plan.
The startup will assist the impacted employees by providing necessary assistance and resources, according to the post. The employees will receive severance pay equal to the full amount of the notice period as well as an additional month’s pay. The corporation will also convert unused leave days into financial benefits and satisfy any outstanding variable pay and incentive obligations. The severance package also includes continuous healthcare insurance, wellness benefits, and counselling support.