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FalconX Slashes Workforce Amid Prolonged Crypto Market Downturn

Guavy AI Editorial Team
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FalconX, the digital asset prime brokerage behind the acquisition of crypto ETF issuer 21shares last November, has laid off around 10% of its global workforce. The company is reportedly preparing for a prolonged downturn in the cryptocurrency market.

The layoffs affect roughly 35 employees across FalconX's operations in the US, UK, Singapore, and Hong Kong. Before the cuts, the company had a total workforce of about 350 people.

FalconX is also reshaping its strategy in Singapore by focusing on crypto derivatives trading. Additionally, it plans to withdraw its license application with the Monetary Authority of Singapore, while maintaining its presence in Asia through an expanded European business.

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