Crypto derivatives platform CoinFLEX has recently announced it is laying off a “significant number” of employees from various departments around the world.
According to the announcement:
“The staff and non-staff cuts we have made will reduce costs by about 50-60%. Most of the remaining team is focused on products and technologies that remain the backbone of our business.”
Platform representatives have said they plan to track costs to operate efficiently and scale as volumes return.
CoinFLEX suspended on June 4 withdrawals of user funds due to “extreme market conditions” and “counterparty uncertainty”. To solve the problems that have arisen, the company announced the launch of the Recovery Value USD (rvUSD) token.