Crypto.com cuts 20% of its workforce
As it navigates unforeseeable” industry events
Crypto.com is reducing about 20% of its workforce, as it navigates the ongoing crypto winter and the collapse of rival exchange FTX.
According to a statement from Crypto.com co-founder and CEO Kris Marszale, “several factors” played into the group’s decision to cut staff.
"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," Marszale said.
The group has more than 70 million users and a “strong balance sheet, but over the past year, has had to “navigate ongoing economic headwinds and unforeseeable industry events.”
These layoffs come after the company laid off 5% of its workforce in mid-2022, following the collapse of the Terra ecosystem and crypto hedge fund Three Arrows Capital.
"The reductions we made last July positioned us to weather the macroeconomic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. 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 in order to position the company for long-term success," Marszalek added.
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