CoinFLEX Announces Retrenchment to Optimize Costs

CoinFLEX Announces Retrenchment to Optimize Costs

CoinFLEX Announces Retrenchment to Optimize Costs

Cryptocurrency derivatives platform CoinFLEX announced the layoff of a “significant number” of employees from various departments around the world. This is stated in the company's blog.

“The cuts we made in staff and non-staff costs 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,” CoinFLEX noted.

Platform representatives said they plan to track costs to operate efficiently and scale as volumes return .

On June 4, 2022, CoinFLEX suspended user withdrawals 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.

Later, the head of the platform, Mark Lamb, said that the said counterparty is Bitcoin.com founder Roger Ver, who owes CoinFLEX $47 million. Bitcoin-Jesus failed to fulfill its obligations, the company sent him a notice of default.

In July, the company applied to the Hong Kong International Arbitration Center to collect the debt from Vera.

Recall that On July 15, CoinFLEX announced the resumption of the withdrawal of user funds in a limited mode.

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