• Crypto.com has announced they are laying off 20% of their globally-based workforce.
• This decision comes as a response to recent negative economic developments in the industry.
• Other major crypto firms, such as Coinbase and Huobi, have also announced layoffs in the past few weeks.
Crypto.com, one of the world’s leading cryptocurrency exchanges, has today announced that they are laying off 20% of their global workforce. This comes in response to recent negative economic developments in the industry.
Kris Marszalek, the co-founder and CEO of Crypto.com, addressed the matter in a statement, saying: „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.“
It is estimated that Crypto.com has about 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees. This is a significant amount of people, and the decision was not taken lightly.
Unfortunately, Crypto.com is not the only cryptocurrency firm to announce layoffs this year. Huobi, one of the world’s largest cryptocurrency exchanges, announced layoffs at the start of the year. Coinbase, another major cryptocurrency exchange, also announced layoffs a few days ago.
The laying off of workers sends mixed signals since the crypto market is currently on a recovery trajectory and investors are expecting some bullish activity. The Cronos (CRO) token price has responded positively to the news, but it remains to be seen how the market’s overall sentiment will be affected.
Crypto.com’s decision to reduce their workforce is a difficult one, and it will have a lasting impact on the lives of the people affected by the layoffs. It is always a difficult decision to make, especially in an industry that is still young and volatile. It is uncertain whether or not the layoffs will have a lasting effect on the overall market, but it is clear that the crypto industry is in a state of flux and that more changes are upcoming. Only time will tell how the market will respond.