FalconX cuts 10% of jobs amid crypto slump, including half of Singapore staff: Sources
FalconX, which counts GIC as a backer, employed around 350 people globally.
Straits Times Business reports that digital assets brokerage firm FalconX has cut 10% of its global staff, including half of its Singapore workforce, due to a prolonged downturn in cryptocurrency markets. The Singapore office, which previously employed around 350 people, will now focus on crypto derivatives trading and plans to withdraw its licence application with the Monetary Authority of Singapore.
The company, which has seven offices worldwide, is concentrating resources on priority areas while maintaining a presence in the Asia Pacific region and expanding its European regulated business. FalconX, founded in 2018, has facilitated about US$2.5 trillion in trading volume and raised US$150 million in a recent funding round.
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