FalconX cuts 10% of workforce amid prolonged crypto market slump: Report

FalconX, the digital asset prime brokerage that acquired crypto ETF issuer 21shares last November, has laid off roughly 10% of its global workforce as it prepares for a prolonged downturn in the cryptocurrency market, Bloomberg reported Monday.Citing people familiar with the matter, Bloomberg said FalconX is also reshaping its strategy in Singapore by focusing on crypto derivatives trading and plans to withdraw its license application with the Monetary Authority of Singapore. The company intends to maintain its presence in Asia while expanding its European business.FalconX employed about 350 people across the United States, the United Kingdom, Singapore and Hong Kong before the layoffs.Cointelegraph contacted a FalconX spokesperson for comment but did not receive an immediate response.The reported workforce reduction adds FalconX to a growing list of crypto companies scaling back operations during the market downturn, joining exchanges including Coinbase, Crypto.com, Luno and Gemini, and infrastructure provider BitGo.Related: Ethereum Foundation sacks 20% of workforce amid strategic restructuringCrypto exchanges pivot beyond spot tradingCrypto exchanges have been under pressure as ...