FalconX Slashes Workforce Amid Crypto Market Downturn
FalconX, a digital asset prime brokerage that acquired crypto ETF issuer 21shares last November, has laid off around 10% of its global workforce. This move comes as the company prepares for a prolonged downturn in the cryptocurrency market, according to a report by Bloomberg.
The layoffs affect roughly 35 employees across FalconX's operations in the United States, the United Kingdom, Singapore, and Hong Kong. The company is also repositioning its strategy in Singapore, focusing on crypto derivatives trading and withdrawing its license application with the Monetary Authority of Singapore.
This development adds to a growing list of crypto companies scaling back operations due to the market downturn. Exchanges such as Coinbase, Crypto.com, Luno, and Gemini have also reduced their workforce or adjusted their strategies in response to declining trading volumes and retail participation.