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FalconX cuts about 10% of staff as crypto downturn persists

Bloomberg said FalconX is refocusing in Singapore toward crypto derivatives trading and plans to withdraw its MAS license application.

Reported · Written up by our desk · Market Structure

FalconX, a digital asset prime brokerage that acquired crypto ETF issuer 21Shares last November, has laid off roughly 10% of its global workforce as the cryptocurrency market slump drags on, according to Bloomberg, as cited by Cointelegraph.

Bloomberg reported that FalconX is also reshaping its Singapore strategy by focusing on crypto derivatives trading, and that the company plans to withdraw its license application with the Monetary Authority of Singapore while keeping a presence in Asia.

FalconX employed about 350 people across the United States, the United Kingdom, Singapore, and Hong Kong before the layoffs.

Cointelegraph noted that the reported workforce reduction adds FalconX to a broader list of crypto firms trimming costs during the downturn, including exchanges such as Coinbase, Crypto.com, Luno, and Gemini, and infrastructure provider BitGo. The article also pointed to pressure on trading volumes and retail participation as bitcoin and other tokens retreated from last year’s highs.

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