Crypto.com cuts 20% of workforce as it braces for ongoing crypto winter

Following Coinbase’s announcement of layoffs, Crypto.com has added to the chill by revealing that they will be letting go of 20% of its global staff. This is the third round of cuts for the Singapore-based crypto exchange, which previously conducted layoffs in June and August 2022.

In a message to his team and shared with the public, co-founder and CEO of Crypto.com, Kris Marszalek, has stated that multiple reasons have led to the hard decision of reducing the workforce. These include the ongoing economic challenges and unexpected happenings in the industry.

“We grew ambitiously at the start of 2022…That trajectory changed rapidly with a confluence of negative economic developments.” Kris, via company news.

He went on to say that the previous downsizing of employees had helped to prepare the company for the financial storm. However, they did not anticipate the fall of FTX. 

“It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions to position the company for long-term success,” he wrote.

Apart from Coinbase, Huobi, and SuperRare Labs, have also announced job cuts.

Despite the difficult news, Marszalek still holds a positive outlook for the company’s future. He conveyed that the team are as firm as ever in their belief in the company’s goals and objectives.