Coinflex has been one of the biggest names in the crypto market in recent times. The company has been one of the most successful ones in the recent past. Ever since its incorporation, the company has made giant progress and has maximized its profits significantly. Unfortunately, it seems that the honeymoon period for all the crypto companies has come to a screeching halt. The last few months have been disastrous for the crypto community. Prices of every company have gone down significantly.
Even the giants of the crypto market like Bitcoin and Ethereum have witnessed their shares go down considerably. Under such a volatile condition, Coinflex came with a dreadful announcement for its employees. The company stated that they would be cutting down significantly on their staff in order to cope with the heavy loss that they have incurred during the past months.
The spokesperson of the company appeared in a media conference recently. He stated that the company has to cut down on their costs significantly in order to prevent them from going bankrupt. He also said that by cutting down on their employees, the company would be able to reduce almost sixty percent of their total cost. Let us learn more about the story in detail below.
Coinflex To Reduce 60% Cost
Coinflex seems to be the latest victim in the recent downward trend of the cryptocurrency market. The announcement came as a shocker for the employees and they were heartbroken. However, the company has assured their employees that they would recruit them right away as soon as the volume came back in the company.
Coinflex met with a huge setback earlier this week when an unnamed party did not meet the deadline of a $47 million payment.