No break from layoffs: Crypto.com reduces 20 % of the workforce

No break from layoffs: Crypto.com reduces 20 % of the workforce

crypto.com was hit by another wave of discharge. The co-founder and CEO of the crypto exchange, Kris Marszalek, announced the decision to reduce the number of employees by 20 %, and referred to ongoing economic headings and unpredictable industry events.

The manager announced that all affected employees have already been notified, and added that the cuts did not related to their performance. The crypto exchange had grown to more than 70 million users worldwide.

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The platform with headquarters in Singapore indicated that he had reduced 250 jobs in the middle of last year, but the actual number was much higher. According to Marszalek, the previous cuts helped the company to position themselves in order to "survive the macroeconomic downturn", did not take into account the FTX collapse that significantly impaired trust in the industry.

"Since we continue to focus on prudent financial management, we have made the difficult but necessary decision to make further cuts in order to successfully position the company in the long term."

According to Marszalek, Crypto.com grown in early 2022 and has adapted to the development of the broader industry. However, the Terra and FTX kernel melts triggered an infection effect that continued to have massive effects on several companies and prevented new investors from entering the room. As a result of the negative economic developments, the "Crypto.com trajectory quickly changed".

After the first layoffs, the stock exchange announced a nine -digit investment plan to redesign the facilities of Crypto.com Arena and the Xbox Plaza at La Live to expand their brand.

layoffs in crypto

The message comes on the prominent Blockchain.com platform, which reduces 28 % of its workforce. Just a few days earlier, Coinbase also announced the discharge of almost 950 of its employees as part of his long -term strategy in order to reduce some costs in the middle of the incessant bear market. The team was reduced by 18 % six months ago.

The cryptoconglomerate Digital Currency Group (DCG) also dismantled 30 % of the workforce because one of his subsidiaries, Genesis, was still on the edge of the bankruptcy.

Huobi and octopus are some other platforms that also recorded similar reductions. Binance, on the other hand, is planning a frenzy of attitude this year. At the Crypto Finance Conference in St. Moritz, Switzerland, her boss said that the stock exchange is planning to increase the number of employees by 15 % to 30 %.

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