FalconX Slashes Staff by 10%, Shifts Focus to Derivatives Amid Crypto Downturn

FalconX, a digital-asset prime broker that acquired 21Shares last November, is cutting about 10% of its workforce as it braces for what Bloomberg describes as a prolonged downturn in crypto markets.

The staff reduction comes as the firm looks to refocus its business and tighten spending across key regions, including Singapore where it plans to withdraw its license application with the Monetary Authority of Singapore (MAS).

FalconX is also reshaping its strategy in Singapore by placing more focus on derivatives-related activity. The company will keep a presence in Asia while expanding its European operations.