CoinFLEX exchange cut staff to optimize costs

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In order to maintain investment attractiveness, the CoinFLEX trading platform is reducing its wage fund.

CoinFLEX is not going through the best times right nowbetter times. The company announced that it has laid off a “significant number” of employees across departments and geographies to cut costs and focus on its core business. The remaining employees are now focused on products and technologies developed and produced by the company itself. CoinFLEX co-founders Sudhu Arumugam and Mark Lamb said they were forced to take this step to optimize costs due to large debt:

“We will monitor expenses toensure maximum efficiency and scale as volumes return. We intend to maintain the business in a way that looks attractive to any organization considering an acquisition or partnership with CoinFLEX.”

It is clarified that job cuts inCoinFLEX occurred after management proposed a plan to compensate investors. The company is seeking to restore its financial position as it seeks to recover more than $84 million in debt owed to a “major individual customer.”

The exchange promises to provide updatedinformation next week, when all investor opinions will be collected. The CoinFLEX team stated that the delay in returning money to users is due to legal and accounting procedures.

Recently OpenSea CEO DevinDevin Finzer said the company needs to adapt to current market conditions and is therefore laying off 20% of its staff. The exact number of people laid off is unknown, as are the specific departments of the company affected.