Crypto exchange CoinFLEX has let go a “significant number” of employees to cut costs and focus on its core business, according to a blog post published by the platform’s cofounders Sudhu Arumugam and Mark Lamb.
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- The staff cuts and non-staff costs are expected to reduce the company’s costs by as much as 60%, CoinFLEX said.
- The intention, the company said, is to remain right-sized should any entity consider a “potential acquisition of or partnership opportunity with CoinFLEX.”
- The majority of the remaining team is focused on product and technology — the company’s core business, it said.
- CoinFLEX said it will continue to monitor costs to ensure operational efficiency and scale as volumes come back.
- The company said it is exploring new offerings that would differentiate it from other exchanges and enable it to compete with products that it does not offer at present but could add significant value to CoinFLEX users.
- CoinFLEX declined to comment on Forkast‘s queries.
- CoinFLEX last month entered arbitration in the Hong Kong International Arbitration Centre (HKIAC) to recover US$84 million from a “large individual customer.” CoinFLEX said its deficit has increased from US$47 million to US$84 million after liquidating the customer’s FLEX coin positions.
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