Crypto.com Announces 20% Workforce Reduction, Cites Post-FTX Market Conditions

[ad_1]

Singapore-based digital asset exchange Crypto.com will lay off 20% of its workforce, co-founder and CEO Kris Marszalek said in a Twitter post on Friday. He did not give the actual number of jobs cut.

See related article: Coinbase to cut jobs and shut down most of its cryptocurrency operations in Japan

Fast factsWhile we continue to perform well, market conditions and recent industry events have made this the right move for the company at this time, Marszalek wrote on Twitter.Crypto.com cut jobs in July last year, blaming a global economic downturn, which caused the exchange to be unprepared for the collapse of FTX and the subsequent loss of confidence in the industry, the exchange’s CEO said in a letter to employees on the company’s website about the latest workforce reductions. Last summer, Crypto.com said it was cutting 260 employees, which was 5% of the workforce at the time. However, the company let go of hundreds more without telling the public, The Verge reported in August citing unnamed sources. In response, the CEO said he was under no obligation to announce all job cuts. They include Kraken, Coinbase, Huobi, and Blockchain.com. In November, Marszalek told a live Q&A session hosted by Crypto.com that the company had exposure of less than US$10 million to FTX. .Cronos, the native Singapore token-based exchange, fell more than 50% in value during the week of the FTX failure as investors became more wary of tokens issued by centralized exchanges.

See related article: SEC in the United States accuses Genesis and Gemini of selling unregistered securities

[ad_2]