Popular crypto exchange, CoinFLEX has now laid off many of its employees. The exchange confirmed the decision in a blog post Publish Friday. Apparently, CoinFLEX hinted that this decision stemmed from an attempt to focus on its important operations without incurring heavy maintenance costs.
The massive layoff by the stock exchange affected all of its departments and geolocations. According to CoinFLEX, the layoff would help reduce its maintenance costs by more than 60%. Additionally, the company claimed that its remaining employees will now focus primarily on products and technologies.
CoinFLEX founders Mark Lamb and Sudhu Arumugaam assured users that the layoff would not affect the exchange’s productivity. They stated that CoinFLEX focuses on reducing costs without affecting efficiency.
CoinFLEX, as advertised, intends to expand immediately after its volumes begin to increase. As announced, the management of the exchange aims to ensure that the exchange secures a merger with a company that aligns with its objectives. Management also does not rule out a full sale of CoinFLEX.
The exchange, however, has promised to notify the public of its next course of action next week after filers’ votes are completed. CoinFLEX cited minor legal and accounting issues as reasons for the delay in providing the update. However, the exchange announced plans to launch a new offering allowing users to trade separately with locked or unlocked balances.
Recall that the stock exchange had, last week, announced a proposal to compensate its depositors. CoinFLEX is in 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 very useful in the market. According to the exchange, the latest offering will favor its value and its native token, FLEX. However, he seeks innovative opinions from members of the public for exploration by his team.
The crypto exchange hinted that only opinions on a unique technique to unveil a perpetual trade would be welcome. Additionally, CoinFLEX said it would be eagerly awaiting ideas on leveraging decentralized custody and data slack to drive transparency.
The exchange added that all ideas from members of the public must align with its mission as contained in the FLEX whitepaper. CoinFLEX promises to take ideas that match the white paper only.
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