India’s one of the largest & oldest exchange, Unocoin is running out of cash and employees. Unocoin dismissed, many of its remaining staff due to shortage of funds. Company needs to conserve its funds as it is a fights for survival. February last year, before Indian central bank's blanket ban, Unocoin had over 100 employees.
According to The Economic Times, the cryptocurrency exchange has dismissed over a dozen employees and now company has only 14 employees. Sathvik Vishwanath, CEO of Unocoin, told to local newspaper Economic Times :
“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,”
Last month, Cryptocurrency exchange Coindelta shut its platform, while one of the biggest cryptocurrency exchange in India, Zebpay closed its trading platform in September last year due to uncertainty of regulation in India.
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.