- Crypto.com has laid off 20% of its total workforce.
- This report was made live by the company`s CEO, Kris Marszalek.
- All the affected personnel have been informed through a company update.
The cryptocurrency exchange Crypto.com, which is located in Singapore, has laid off around 20 percent of its workforce just three days after the company delisted Tether in Canada. Around 4000 people worked for the gargantuan exchange in 2022, and it served more than 70 million users.
This announcement was made by Crypto.com`s co-founder and CEO Kris Marszalek, citing poor market conditions and recent industry events.
Kris said in a recent tweet;
As I shared with the team today, while we continue to perform well, market conditions and recent industry events have made this the right decision for the company at this time.
The workers who will be affected have been told, and the CEO has also expressed his appreciation to them.
These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com. According to him, there was no connection between the reductions and the employees’ performance in any manner.
The cuts made by Crypto.com in July helped the company prepare for the macroeconomic downturn, but Kris says the current collapse of FTX has severely undermined faith in the sector.
Because of this, and the company’s continued commitment to responsible financial management, tough but essential choices were taken to better position the business for the long term.
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