CoinSwitch, an Indian cryptocurrency alternate backed by Tiger World and Sequoia Capital, has laid off 44 staff from its buyer assist staff attributable to a drop in buyer queries with falling buying and selling volumes, enterprise information website Moneycontrol reported on Monday.
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- CoinSwitch mentioned it’s open to welcoming again the staff it fired if buying and selling volumes have been to return.
- “Over the past 12 months, many assist staff members have been absorbed into different capabilities based mostly on the suitability of their abilities for the opposite roles. We’re extending all our assist to the impacted staff,” CoinSwitch mentioned in a press release.
- CoinSwitch hasn’t disclosed its actual worker rely, however in line with its LinkedIn web page, it has 518 staff.
- Final week, CoinDCX, a crypto alternate identified for being India’s first crypto unicorn, mentioned it laid off 12% of its workers because of the affect of a protracted bear market and native tax guidelines. CoinSwitch grew to become India’s second crypto unicorn in October 2021 after a US$260 million Collection C spherical.
- India, the world’s most populous nation, final 12 months imposed a 30% flat tax on all crypto revenue and later added a 1% tax deducted at supply (TDS) on crypto trades above 10,000 Indian rupees (US$121).
- Based on analysis by Esya Centre, a expertise coverage suppose tank in India, the present cryptocurrency tax construction “could result in a lack of roughly US$1.2 trillion of native alternate commerce quantity within the subsequent 4 years”.
- Already, a cumulative commerce quantity of about US$3.852 billion moved from India’s centralized crypto exchanges to international exchanges between February and October 2022, after India launched strict crypto tax guidelines on Feb. 1, the report mentioned.
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