CoinDCX, a Coinbase Ventures-backed Indian crypto unicorn, has recently laid off 12% of its workforce, or 71 out of its total 590 employees. This decision was taken due to the prolonged bear market and the impact of Tax Deducted at Source (TDS) on domestic exchanges. The company had previously gone through an internal restructuring earlier this year and had implemented several proactive measures, such as direct cost optimization and investment in automation, to enhance efficiency and productivity.The Indian government has enforced significant taxes on cryptocurrencies, including a 30% tax on profits generated from digital assets and the 1% TDS on all transactions. This has had a negative effect on trading volumes and revenue of many crypto firms in the country, including CoinDCX. Despite the industry’s request, the authorities have not granted any relief in the tax rate. Overall, CoinDCX’s decision to lay off staff is a result of the prolonged bear market and the impact of TDS on domestic exchanges, as well as the Indian government’s enforcement of significant taxes on cryptocurrencies.
| Information |
Details |
| Geography |
Asia |
| Countries |
🇮🇳 |
| Sentiment |
negative |
| Relevance Score |
9 |
| People |
Neeraj Khandelwal, Sumit Gupta |
| Currencies |
None |
| Securities |
None |
