Crypto.com joins Coinbase and cuts its workforce by 20%

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Crypto winter continues to bite.

A few days after Coinbase announced its workforce reduction, Crypto.com revealed today that it will also be reducing its global staff by 20%.

In a letter sent to employees and shared on social media, Crypto.com co-founder and CEO Kris Marszalek said several factors, including ongoing economic headwinds and unforeseen industry events, have played in the decision to downsize.

As I shared with the team today, while we continue to perform well, market conditions and recent industry events have made this the right move for the company at this time.

Crypto.com Crisis (@kris) January 13, 2023

We grew ambitiously in early 2022, building on our incredible momentum and aligning with the trajectory of the broader industry, Marszalek wrote. This trajectory changed rapidly with a confluence of negative economic developments.

The CEO said that while the company’s downsizing last July helped the company weather the economic downturn, Crypto.com did not take into account the collapse of FTX.

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 to position the business for long-term success. -he writes.

Crypto.com joins other leading companies in announcing layoffs, including Coinbase, Huobi and SuperRare Labs, during the ongoing crypto winter and the collapse of Celsius, Voyager Digital and FTX.

Despite the grim news, Marszalek remained optimistic about the company’s future, saying he and senior management remain more confident than ever in the company’s vision and mission.

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, he said. 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.

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