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

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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.On Saturday, CoinFLEX halted withdrawals after an unnamed party reportedly failed to meet a $47 million margin call.

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