CoinSwitch, an Indian cryptocurrency exchange backed by Andreessen Horowitz (a16z), has recently reduced its team by 7%, or 44 people. This decision was made due to the decreasing level of customer activity. A spokesperson of the platform explained that the team was right-sized to align with the present volume of customer queries.CoinDCX, another local digital asset organization, also announced similar amendments, laying off 12% of its employees. This is due to the prolonged crypto winter, which has shrunk customer enthusiasm.CoinSwitch made the headlines last summer when Indian law enforcement agents raided its offices and the residences of its directors as part of a money-laundering investigation. The CEO of CoinSwitch, Ashish Singhal, refuted the speculation that his firm was involved in illegal financial operations.CoinSwitch is not the only digital asset exchange that has fired staff due to the bear market. Other industry leaders such as Coinbase, Crypto.com, Gemini, Huobi, Bybit, BitMEX, KuCoin, and more have also made similar decisions.CoinDCX, backed by Coinbase Ventures, dismissed 71 employees, representing 12% of its total workforce. The founders said the overall downtrend in the industry has made several specific positions unnecessary. Overall, the prolonged crypto winter has caused many digital asset exchanges to reduce their teams due to the decreasing level of customer activity.

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Information	Details
Geography	Asia
Countries	🇮🇳 🇺🇸
Sentiment	neutral
Relevance Score	8
People	Coinbase, Ashish Singhal, Crypto.com, Bybit, BitMEX, KuCoin., Huobi, Coinbase Ventures, Andreessen Horowitz, Gemini
Companies	Coinbase, PrimeXBT, CoinDCX, Crypto.com, KuCoin, Bybit, Andreessen Horowitz (a16z), CoinSwitch, Binance, BitMEX, Coinbase Ventures, Huobi, Gemini
Currencies	Chainswitch, Ethereum, PDX Coin, Binance USD, Bitcoin
Securities	None