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FalconX Cuts Staff, Shifts Focus Amid Crypto Market Slump

Guavy AI Editorial Team
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FalconX, a digital asset prime brokerage that acquired crypto ETF issuer 21shares last November, has laid off approximately 10% of its global workforce in anticipation of a prolonged downturn in the cryptocurrency market.

The company is reportedly reshaping its strategy in Singapore by focusing on crypto derivatives trading and plans to withdraw its license application with the Monetary Authority of Singapore.

FalconX employed about 350 people across several countries before the layoffs, including the United States, the United Kingdom, Singapore, and Hong Kong.

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