CoinDCX Reduces Workforce By 12% Amid Crypto Trading Slump In India
Indian crypto exchange, CoinDCX, finds itself in trouble, announcing a notable reduction in its staff by 12% this week. The decision comes after a stark decline in virtual currency trading revenues, emphasizing crypto platforms’ larger challenges, particularly in India. CoinDCX’s move to downsize aligns with a global trend where cryptocurrency trading platforms have experienced significant […]
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After announcing Cosmex in February 2021, CoinDCX is now testing its global product to launch in 2022. Ongoing uncertainty around cryptocurrency regulation in India isn't stopping domestic crypto companies from launching global offerings.Indian cryptocurrency exchange CoinDCX is preparing to move forward with its global crypto-to-crypto trading platform — dubbed Cosmex — in 2022, according to a senior executive at the company.Ramalingam Subramanian, head of brand, marketing and communications at CoinDCX, told Cointelegraph that CoinDCX has significant ambitions regarding the exchange’s....
CoinDCX reached a $1.1 billion valuation by raising $90 million in a Series C funding round in August. India’s largest cryptocurrency exchange, CoinDCX, has no immediate plans for a public listing as the regulatory environment in the country remains uncertain.CoinDCX has no definitive route or clause as to when to go ahead with a potential initial public offering (IPO), the firm told Cointelegraph in an official statement on Nov. 29.“Any growing company aspires to take an IPO route in due course. We at CoinDCX also have similar aspirations. We would like to reiterate that there is no....
Indian crypto traders may be giving up since they must now factor in a 30% income tax and a 1% tax per transaction on crypto trades, forcing exchange volume to plummet. Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since July 1, when a 1% tax per transaction was enforced in the country.The Tax Deducted at Source (TDS) came into effect on July 1 and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by July 3. Volumes have stabilized slightly since hitting lows but are still down 56.8% on....
Amid the crypto market carnage, the digital currency exchange Coinbase revealed it has decided to lay off 18% of its workforce. The announcement follows the company’s original plans to slow the hiring process and the firm rescinding a number of employment offers.
Coinbase ‘Grew Too Quickly,’ Crypto Exchange CEO Says
On June 14, Coinbase published a blog post written by the company’s CEO Brian Armstrong. The letter from Armstrong was announced in a Tweet that said: Coinbase CEO Brian Armstrong announced today the difficult decision to reduce the size....
Including the millions it collected in previous rounds, the company has raised approximately $19.4M. CoinDCX, the largest cryptocurrency exchange in India, continues to aggressively expand its business with a massive new fundraise.According to a Dec. 21 announcement, CoinDCX has raised $13.9 million from industry investors like Coinbase and Polychain in its Series B funding round. Led by major blockchain software firm Block.one, the new raise also included Singaporean investment firm Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack.This was CoinDCX’s third round....