FalconX cuts 10% of workforce amid prolonged crypto market slump: Report
FalconX has cut about 10% of its global workforce as it prepares for a prolonged crypto downturn. The digital asset prime brokerage, which acquired 21shares last November, is also shifting its Singapore strategy toward crypto derivatives and plans to withdraw its license application with the Monetary Authority of Singapore. It expects to keep operating in Asia while expanding in Europe. Before the layoffs, FalconX had about 350 employees across the U.S., U.K., Singapore and Hong Kong. The move follows broader industry retrenchment as crypto firms face weaker trading volumes and reduced retail participation amid falling digital asset prices. Companies including Coinbase, Crypto.com, Luno, Gemini and BitGo have also scaled back. In response to the slump, many exchanges are increasingly focusing on derivatives, tokenized assets and other non-spot businesses.
