Crypto unicorn CoinSwitch lays off 44 employees citing role redundancy

Cryptocurrency exchange unicorn CoinSwitch laid off 44 employees from its customer support team earlier this month, citing redundancy in roles in the customer support team.

The move comes barely a week after fellow crypto unicorn CoinDCX laid off 12 per cent of its workforce – an estimated 80 employees – amid challenging macroeconomic conditions and regulatory uncertainty in the sector.

CoinSwitch has 519 employees, according to its LinkedIn profile. This means around 8 per cent of its workforce were shown the door.