FalconX, a digital asset prime brokerage, has laid off roughly 10% of its global workforce as it prepares for a prolonged downturn in the cryptocurrency market, Bloomberg reported. The company 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. It intends to maintain its presence in Asia while expanding its European business. Before the layoffs, FalconX employed about 350 people across the United States, the United Kingdom, Singapore and Hong Kong. This workforce reduction adds FalconX to a growing list of crypto companies scaling back operations during the market downturn, joining Coinbase, Crypto.com and Gemini.
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