FalconX, the digital asset prime brokerage that acquired crypto ETF issuer 21shares final November, has laid off roughly 10% of its world workforce because it prepares for a protracted downturn within the cryptocurrency market, Bloomberg reported Monday.
Citing individuals aware of the matter, Bloomberg stated FalconX can also be reshaping its technique in Singapore by specializing in crypto derivatives buying and selling and plans to withdraw its license software with the Financial Authority of Singapore. The corporate intends to take care of its presence in Asia whereas increasing its European enterprise.
FalconX employed about 350 individuals throughout america, the UK, Singapore and Hong Kong earlier than the layoffs.
Cointelegraph contacted a FalconX spokesperson for remark however didn’t obtain an instantaneous response.
The reported workforce discount provides FalconX to a rising listing of crypto corporations scaling again operations throughout the market downturn, becoming a member of exchanges together with Coinbase, Crypto.com, Luno and Gemini, and infrastructure supplier BitGo.
Associated: Ethereum Basis sacks 20% of workforce amid strategic restructuring
Crypto exchanges pivot past spot buying and selling
Crypto exchanges have been underneath stress as Bitcoin (BTC) and different digital belongings retreated from final yr’s highs, weighing on buying and selling volumes and retail participation. As Cointelegraph reported, some analysts imagine Bitcoin has but to achieve a market backside, suggesting the business might face continued headwinds.
Bitcoin was final buying and selling under $64,000, roughly 50% under its October peak above $126,000.
In response, many exchanges are increasing past spot buying and selling. In keeping with a latest CoinGecko report, the “crypto TradFi” sector, which incorporates tokenized belongings, derivatives and different conventional monetary merchandise, grew fivefold to $6.6 billion between January 2025 and June 2026.
Tokenized shares and commodities have emerged as main drivers of crypto TradFi development. Supply: CoinGecko
Coinbase’s newest earnings underscore that shift. Though the corporate missed earnings expectations, it reported that 88% of second-quarter internet income got here from companies apart from spot Bitcoin buying and selling, with derivatives, prediction markets and tokenized belongings enjoying an more and more essential position.
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