FalconX, the institutional cryptocurrency trading platform backed by Singapore’s sovereign wealth fund GIC, is cutting approximately 10% of its global workforce.
The restructuring includes a significant reduction in its Singapore operations, where half of the local staff are reportedly affected.
The firm, which employs around 350 people worldwide, is scaling back as the broader crypto industry continues to navigate a prolonged slump.
The move underscores the ongoing pressure on crypto-native firms to streamline operations despite having strong balance sheets.
FalconX follows a trail of other major players in the digital asset space, including Crypto.com, Coinbase Global, and Gemini, which have all announced workforce reductions in recent months.
The cuts reflect a shift from the aggressive hiring sprees of the previous bull market to a more disciplined cost structure in a subdued trading environment.