Crypto.com Announces 20% Layoffs Amid Poor Market Conditions

• Crypto.com has announced that it is reducing its global workforce by 20%.
• The CEO cited poor market conditions and recent events in the industry as the reason for the layoffs.
• Other crypto firms such as Huobi and Coinbase have also announced layoffs this year.

Today, Crypto.com, one of the world’s leading crypto exchanges and wallets, has announced that it is laying off some of its global workforce to reduce its overall staff count by 20%. The news was made public by the co-founder and CEO of the exchange, Kris Marszalek, who cited poor market conditions and recent events in the industry as the primary reasons for the layoffs.

The announcement comes just days after Coinbase, another leading crypto exchange, announced similar layoffs. Coinbase is also reducing its staff count by up to 20%, and the layoffs are expected to affect up to 900 employees.

According to sources, Crypto.com has about 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees. This is a significant move by the exchange, as the crypto market is currently on a recovery trajectory and investors are expecting some growth in the industry.

The news has been met with mixed reactions from the crypto community. Some have welcomed the news, citing it as a sign of the exchange’s commitment to cost-cutting measures and efficiency. Others have expressed concern about the implications for employees who will be affected by the layoffs.

The CEO of Crypto.com, Kris Marszalek, has expressed his regret at the news but believes it is necessary in order to secure the future of the company. He said: “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 Cronos (CRO) token price has responded positively to the news, suggesting that investors see the decision as a positive step for the company.

It is unclear how the layoffs will affect the exchange’s operations going forward, but the news is sure to have an impact on the crypto industry as a whole. With other crypto firms such as Huobi and Coinbase also announcing layoffs this year, it is clear that the industry is feeling the effects of the turbulent market conditions.