Unocoin, one of India’s oldest cryptocurrency exchanges, has laid off half of its employees after its latest round of funding did not meet the desired result. The cryptocurrency exchange has been having a tumultuous year of sorts, weathering the uncertain regulatory climate in the country which even saw the arrest of their founders over a purported cryptocurrency kiosk. Unocoin has only 14 employees working for it currently.
Sathvik Vishwanath, CEO of Unocoin, spoke to Economic Times about the state of affairs in his company.
We did ask people to leave last week, but our operations will continue for the foreseeable future. We have some amount of reserves to push through for the next couple of months and will wait for the Supreme Court’s verdict.Sathvik Vishwanath, CEO of Unocoin
The Indian cryptocurrency exchanges have been struggling following the RBI banking ban in the country. Three prominent exchanges – Zebpay, Coinome and Coindelta – have already shut down. Other exchanges like Koinex, WazirX and Bitbns have developed P2P exchanges to keep the operations running. The community has been waiting for the Supreme Court verdict on the RBI banking ban and the case has now been set for hearing on July 23rd, 2019.
Looking at Unocoin’s state of affairs, it will not be surprising if the exchange is forced to shut shop. It is extremely depressing to see the Indian government squeezing innovation through its regressive regulations for the cryptocurrency industry. When will change come?