• Crypto.com recently announced that it is laying off approximately 20% of its global workforce due to negative economic developments.
• Coinbase made similar layoffs days prior to Crypto.com’s announcement.
• Sources suggest that Crypto.com has 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees.
Crypto.com, a leading cryptocurrency exchange, recently announced that it is reducing its global workforce by approximately 20%. This announcement comes after Coinbase, another major crypto firm, announced similar layoffs just days prior.
The CEO of Crypto.com, Kris Marszalek, cited poor market conditions and recent events in the industry as the reason for the layoffs. He stated, “Today we made the difficult decision to reduce our global workforce by approximately 20%. 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.”
Sources suggest that Crypto.com has 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees. This news is yet another example of the current state of the cryptocurrency industry and further highlights the volatility of the market.
The news of Crypto.com’s layoffs has caused the CRO token price to respond positively. However, it is yet to be seen how the layoffs will affect the company’s overall performance in the coming months. Crypto.com is only the latest in a string of crypto firms that have announced layoffs in recent weeks. Huobi and Coinbase have both followed suit and have reduced their workforces as well.
At the same time, investors are expecting some good news from the crypto market as it is currently on a recovery trajectory. It remains to be seen how Crypto.com’s layoffs and other similar developments in the industry will affect the market in the coming days.