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According to PANews news on August 29, according to CoinDesk, Indian cryptocurrency exchange CoinSwitch cut its customer support team by more than a third, citing sluggish market activity. The 44 job losses, which occurred about three weeks ago, accounted for less than 7% of the workforce, a company spokesman said. Since April, the company has hired about 60 employees, mainly engaged in product technology and compliance work, and the total number of employees before layoffs was about 640. The customer support team still has 82 members.
According to sources, CoinSwitch offered up to four months of severance and additional benefits to the fired employees based on their tenure.