India's crypto firm CoinDCX lays off 71 employees amid tough market conditions

Mumbai-based cryptocurrency unicorn CoinDCX has laid off 12% of its total workforce, or 71 employees, due to tough market conditions

To help the affected employees, CoinDCX has put together a support package including severance pay, a month's salary, incentives dues, encashment of unutilized leaves, and an extension of health insurance and wellness benefits

CoinDCX joined the unicorn startup club in August 2021 after raising $90 million at a valuation of $11 billion.

In late 2021, the crypto market was at an all-time high, however, it started to struggle to sustain growth due to tightening regulations and inflation fears

In January 2022, Bitcoin fell below $40,000, followed by other tokens as the crypto selloff intensified The fall of FTX and Vauld also contributed to the collapse of the crypto market.