FalconX Cuts Jobs Amid Crypto Market Slump, Shifts Focus to Derivatives
FalconX has laid off around 10% of its global workforce as it prepares for a prolonged downturn in the cryptocurrency market. The company, which acquired crypto ETF issuer 21shares last November, is reshaping its strategy in Singapore by focusing on crypto derivatives trading and plans to withdraw its license application with the Monetary Authority of Singapore.
The layoffs come as FalconX employs around 350 people across the United States, the United Kingdom, Singapore, and Hong Kong. This move adds FalconX to a growing list of crypto companies scaling back operations during the market downturn, joining exchanges such as Coinbase, Crypto.com, Luno, and Gemini, and infrastructure provider BitGo.
The company intends to maintain its presence in Asia while expanding its European business. The reported workforce reduction is a response to the current market conditions, with Bitcoin trading below $64,000, roughly 50% below its October peak above $126,000.