Crypto.com has been hit by yet another wave of layoffs. The co-founder and CEO of the crypto exchange, Kris Marszalek announced the decision to reduce the headcount by 20% citing ongoing economic headwinds and unforeseeable industry events.
The exec revealed all affected employees have already been notified and added that the reductions were not related to their performance. The crypto exchange had grown to more than 70 million users worldwide.
Surviving Market Downturn
The Singapore-headquartered platform said it slashed 250 jobs in mid-last year, but the actual number was a lot higher. According to Marszalek, the previous reductions helped the company to position itself to “weather the macroeconomic downturn” but did not account for the FTX collapse, which significantly dented 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
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