CoinFLEX Announces Staff Cuts as Part of Measures to Cut Costs by Up to 60%
"The intention is to remain the right size for any entity considering a potential acquisition or partnership opportunity with CoinFLEX," said exchange.< /p>
New
Cryptocurrency exchange CoinFLEX said it cut a “significant number” of team members in an effort to reduce operating costs.
According to a blog post published on Friday, CoinFLEX said it had cut some staff in "all departments and geographies" as part of measures to reduce company costs by 50% to 60%. The majority of the remaining team members will focus on product and technology, and the exchange said it would consider scaling as "volume returns".
“The intention is to remain the right size for any entity considering a potential acquisition or partnership opportunity with CoinFLEX,” the exchange said.
On Saturday, CoinFLEX halted withdrawals after an anonymous party reportedly failed to meet a $47 million margin call. CEO Mark Lamb then took to Twitter to confirm rumors that CoinFLEX had a written contract with Bitcoin Cash (BCH) promoter Roger Ver "requiring him to personally guarantee any negative equity in his CoinFLEX account and to steadily increase the margin". Ver denied the claims of the exchange.
Roger Ver owes CoinFLEX $47 million USDC. We have a written contract with him requiring him to personally guarantee any negative balance in his CoinFLEX account and to top up his margin regularly. He has been in default of this agreement and we have served notice of default.
— Mark Lamb (@MarkDavidLamb) June 28, 2022Although CoinFLEX
"The intention is to remain the right size for any entity considering a potential acquisition or partnership opportunity with CoinFLEX," said exchange.< /p>
New
Cryptocurrency exchange CoinFLEX said it cut a “significant number” of team members in an effort to reduce operating costs.
According to a blog post published on Friday, CoinFLEX said it had cut some staff in "all departments and geographies" as part of measures to reduce company costs by 50% to 60%. The majority of the remaining team members will focus on product and technology, and the exchange said it would consider scaling as "volume returns".
“The intention is to remain the right size for any entity considering a potential acquisition or partnership opportunity with CoinFLEX,” the exchange said.
On Saturday, CoinFLEX halted withdrawals after an anonymous party reportedly failed to meet a $47 million margin call. CEO Mark Lamb then took to Twitter to confirm rumors that CoinFLEX had a written contract with Bitcoin Cash (BCH) promoter Roger Ver "requiring him to personally guarantee any negative equity in his CoinFLEX account and to steadily increase the margin". Ver denied the claims of the exchange.
Roger Ver owes CoinFLEX $47 million USDC. We have a written contract with him requiring him to personally guarantee any negative balance in his CoinFLEX account and to top up his margin regularly. He has been in default of this agreement and we have served notice of default.
— Mark Lamb (@MarkDavidLamb) June 28, 2022Although CoinFLEX
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