CoinSwitch, a domestic cryptocurrency exchange, has recently taken steps to restructure its operations, resulting in the dismissal of 44 staff members. This move predominantly affected the customer support and operations teams.

The company's rationale for these changes is rooted in its ongoing commitment to competitiveness, innovation, and customer service. A spokesperson from CoinSwitch explained that they carefully assessed their business landscape and made adjustments to their customer support team in accordance with the current volume of customer inquiries on their platform. Consequently, 44 members of the customer support team voluntarily opted to resign from their positions following comprehensive discussions with their managers earlier this month.

The spokesperson elaborated, "Over the past year, various members of the support team have transitioned into different roles based on the alignment of their skill sets with these positions. We are dedicated to offering full assistance to the affected employees. When our operational demands expand and new opportunities arise, we will gladly welcome back those who were impacted."

CoinSwitch holds the distinction of being one of the nation's two cryptocurrency unicorns, and it also claims the title of being the most valuable among them. In a noteworthy accomplishment from May, CoinSwitch reported its facilitation of nearly $25 million in funding for 12 promising startups via the Web3 Discovery Fund.

In a related development, CoinDCX, another indigenous cryptocurrency exchange, recently announced its decision to reduce its workforce by approximately 12 percent. This action comes as the crypto market grapples with challenging macroeconomic conditions and the effects of taxation on domestic exchanges.

In a joint blog post, CoinDCX's Founders, Sumit Gupta and Neeraj Khandelwal, revealed their commitment to assisting the affected employees. They outlined a comprehensive support package that includes severance pay equivalent to the full notice period, an additional month of salary, compensation for variable pay and pending incentives, encashment of unused leave, an extension of health insurance and wellness benefits, as well as access to counseling support.

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