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 chronic downturn within the cryptocurrency market, Bloomberg reported Monday.
Citing individuals accustomed to the matter, Bloomberg stated FalconX can be reshaping its technique in Singapore by specializing in crypto derivatives buying and selling and plans to withdraw its license utility 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 a direct response.
The reported workforce discount provides FalconX to a rising record of crypto firms scaling again operations through 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 below stress as Bitcoin (BTC) and different digital property retreated from final 12 months’s highs, weighing on buying and selling volumes and retail participation. As Cointelegraph reported, some analysts imagine Bitcoin has but to succeed in a market backside, suggesting the business may 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. Based on a current CoinGecko report, the “crypto TradFi” sector, which incorporates tokenized property, 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 aside from spot Bitcoin buying and selling, with derivatives, prediction markets and tokenized property enjoying an more and more essential function.
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