Crypto.com Announces Fresh Round of Layoffs by 20%

  • In June of 2022, the cryptocurrency exchange fired 5% of its staff.
  • Marszalek said that the company was prepared to withstand the macroeconomic slump.

Poor market circumstances and recent industry developments, according to Crypto.com co-founder and CEO Kris Marszalek, have prompted a fresh round of layoffs that will lower the company’s worldwide workforce by another 20%.

In a corporate update on January 13, Marszalek remarked:

“Today we made the difficult decision to reduce our global workforce by approximately 20%. All impacted personnel have already been notified. These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com.”

Confluence of Negative Economic Developments

According to Marszalek, continued economic headwinds and unexpected industry occurrences were two of the main considerations in the company’s final choice. This was in spite of the fact that the crypto exchange now had over 70 million users worldwide.

In June of 2022, the cryptocurrency exchange stated that it will be laying off 5% of its corporate personnel, or around 260 individuals.

The CEO added:

“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”

Marszalek said that the company was prepared to withstand the macroeconomic slump as a result of layoffs made in the previous year, but that it had failed to take into account the collapse of crypto exchange FTX in November 2022, which seriously harmed faith in the sector.

In an effort to lower operational expenses by about 25% in light of the continuing crypto winter, cryptocurrency exchange Coinbase announced on January 10 that it will be laying off 950 employees.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.