Crypto.com Cuts 20% of Workforce Amid Industry Weakness

• Crypto.com, a Singapore-based crypto exchange platform, has announced that it will be cutting 20% of its workforce.
• The layoffs come as a result of the current economic headwinds and industry situation.
• The exchange platform had previously laid off 260 employees in 2022, accounting for nearly 5% of its workforce.

Crypto.com, a Singapore-based crypto exchange platform, has announced that it will be cutting 20% of its workforce. The layoffs come as a result of the current economic headwinds and industry situation. This will be the second major layoff carried out by the company. Crypto.com had previously laid off 260 employees in 2022, accounting for nearly 5% of its workforce.

The decision to fire employees has been attributed to the broader market weakness and the FTX crash. The crash caused a misappropriation of customer funds and eventually bankruptcy, which has gone on to affect the industry considerably. Crypto.com CEO Kris Marszalek stated: “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.”

The exchange platform has not specifically mentioned the positions that were laid off. However, it is clear that the decision to fire employees was difficult for the company. In a blog post, Crypto.com Co-Founder and CEO Kris Marszalek mentioned that the platform must let go of 20% of its current employees. He also said that the company has taken steps to ensure that the layoffs are as minimally disruptive as possible.

The crypto industry has been hit hard by the recent wave of layoffs. Crypto.com is not the only company affected by the situation. Several other companies in the space have also had to let go of employees in order to stay afloat. Despite the difficult situation, Crypto.com says that it continues to perform well and that it has sufficient reserves for every single coin that the platform holds.

The decision to cut staff is a difficult one and it will be interesting to see how the company fares in the coming months. Despite the layoffs, the company remains optimistic about its future and is committed to providing the best service to its customers.