FalconX cuts 10% of staff as crypto downturn drags on

FalconX has reduced its workforce by 10% due to the prolonged crypto market downturn. The digital asset prime broker is refocusing its Singapore strategy and withdrawing its local license application as companies continue trimming costs. These staff cuts highlight the volatility and challenges of scaling institutional crypto services during market slumps. The decision reflects a strategic shift to navigate the ongoing difficulties facing the digital asset sector and its institutional service providers during this period.