Company Update

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Here are excerpts from a message Kris provided to all Crypto.com employees on January 13, 2023.

Today, we made the difficult decision to reduce our global workforce by approximately 20%.

All affected personnel have already been notified. These reductions were in no way performance related, and we express our deepest gratitude for all of their contributions to Crypto.com.

Several factors played into our decision to downsize. While we continue to perform well, reaching over 70 million users worldwide and maintaining a strong balance sheet, we have faced economic headwinds and unpredictable industry events. We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the wider industry. This trajectory changed rapidly with a confluence of negative economic developments. The cuts we made last July allowed us to weather the macro downturn, but that didn’t take into account the recent collapse of FTX, which has significantly damaged confidence in the industry. It is for this reason that, as we continue to focus on prudent financial management, we have made the difficult but necessary decision to make further reductions in order to position the business for long-term success.

The entire management team and I remain as confident as ever in our mission and vision at Crypto.com, and in our unique position within the industry as a leader in regulatory compliance, security and confidentiality. We have an important year ahead of us as we continue to help restore confidence in our industry and further integrate our services in markets around the world. I’m confident in our ability to build and lead the market, and I’m grateful to be working with all of you along the way.

Kris Marszalek, co-founder and CEO

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