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CoinFLEX dismisses employees to reduce maintenance cost

Coinflex arbitration case
Coinflex arbitration case

Popular crypto exchange, CoinFLEX has now dismissed many of its employees. The exchange confirmed the decision in a blog post on Friday. Reportedly, CoinFLEX hinted that the move emanated in a bid to focus on its significant operations without incurring heavy maintenance costs.

The massive layoff by the exchange cut across all its departments and geo-locations. According to CoinFLEX, the layoff would help cut its maintenance costs by over 60 percent. Additionally, the firm maintained that its remaining employees will now focus majorly on products and technologies. 

The founders of CoinFLEX, Mark Lamb and Sudhu Arumugaam, assured users that the layoff wouldn’t affect the productivity of the exchange. They said CoinFLEX is focused on minimizing costs without affecting efficiency.

CoinFLEX, as announced, intends to scale up immediately after its volumes begin to rise. As announced, the exchange management aims to ensure that the exchange secures a merger with a firm that aligns with its objectives. The management is not also ruling out a total sale of CoinFLEX. 

The exchange, however, promised to update the public about its next line of action next week after the completion of votes by depositors. CoinFLEX cited minor legal and accounting issues as reasons for the delay in providing the update. However, the exchange announced plans to begin a new offering for users to trade separately with locked or unlocked balances.

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Recall that the exchange had, in the past week, announced a proposal to compensate its depositors. CoinFLEX is enduring financial turmoil after its client defaulted on an $84 million loan. 

CoinFLEX aims to develop new product offerings. The new products will be distinctive and highly useful in the marketplace. According to the exchange, the latest offering will foster its value and native token, FLEX. It, however, seeks innovative opinions from members of the public for exploration by its team.

The crypto exchange hinted that only opinions about a unique technique to unveil a perpetual swap would be welcomed. Furthermore, CoinFLEX said it would look forward to ideas on harnessing custody decentralization and data margin to aid transparency. 

The exchange added that all ideas by members of the public must align with its mission as contained in the FLEX white paper. CoinFLEX promises to take ideas that align with the white paper alone.

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