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When was the last time you failed? And how long did it take you to get back up?
In this startup world, it sometimes feels like one’s career can be demarcated by failures. When “move fast and break things” is one of the longstanding mantras of the industry … well, things break.
But what’s more important is that we recover and keep going. Life is filled with disappointments and heartbreak but we keep on trucking. We should pat ourselves on the back every now and then just for refusing to give up.
Coinhako certainly didn’t give up despite a difficult 2022, which included a round of layoffs. In fact, the crypto firm is looking at operational profitability as a realistic goal for 2023. Read on to find out how it turned things around.
Today we look at:
- Coinhako’s comeback story
- Indonesia putting its foot down on gambling content on Meta’s platforms
- Other newsy highlights such as TikTok’s latest troubles in Malaysia and the US$8.7 million series B round of an Indian fintech firm
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From layoffs to (possible) profitability, all in the space of one year
Image credit: Timmy Loen
Comeback stories are compelling, aren’t they? Snatching victory from the jaws of defeat makes for an exhilarating experience.
Startup building and management isn’t quite the same as a last-gasp Ole Gunnar Solskjaer goal to win the European Champions League but big wins after a dry spell feel great nevertheless. By that token, Coinhako CEO Yusho Liu must be feeling pretty sweet right now.
- The plummet: The Singapore-based firm was struck hard by the crypto winter. Its revenue stood at US$10.8 million in 2022, a steep drop from US$36.3 million the year before.
- Jobs cut: Because of the bear crypto market, Coinhako laid off 20% of its employees in November 2022.
- On the way back up: Fortunately, 2023 is shaping up to be a comeback year for the firm. It’s recorded a 912% year-on-year increase in trading from its institutional and private clients so far.
Read more: After layoffs and losses in 2022, Coinhako on track to be profitable
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