CoinFLEX announces staff cuts as part of measures to reduce costs by up to 60%

CoinFLEX announces staff cuts as part of measures to reduce costs by up to 60%


Cryptocurrency exchange CoinFLEX said it had downsized a “significant number” of team members in an effort to cut operating costs.

According to a Friday blog post, CoinFLEX said it had cut some staff across “all departments and geographies” as part of measures to reduce the company’s costs by 50% to 60%. The majority of the remaining team members will focus on product and technology, and the exchange said it would consider scaling as “volume comes back.”

“The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX,” said the exchange.

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On Saturday, CoinFLEX halted withdrawals after an unnamed party reportedly failed to meet a $47 million margin call. CEO Mark Lamb later took to Twitter to confirm rumors that CoinFLEX

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