Crypto Winter claims more jobs on Crypto.Com

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The crypto winter has hit the cryptocurrency industry hard. Exchanges like Coinbase (NASDAQ:COIN) are already laying people off. Companies that rely on crypto, like MicroStrategy (NASDAQ:MSTR), are losing ground. Now another company is suffering at the hands of the crypto winter: Crypto.com.

The massive decline in the cryptocurrency, which has taken more than half the value of bitcoin (BTC-USD) in the space of a year, is having far-reaching effects. We’ve seen what this has done to some big names before, and now crypto.com is hit. Crypto.com is the third largest company in the crypto exchange space, and now it will be 20% smaller when it comes to headcount.

Kris Marszalek, the company’s founder and CEO, posted a blog post to explain what’s going on. He noted that the company was building on past momentum, but that momentum came to a screeching halt as the macro environment shifted towards crypto as a whole.

Today, the company employs between 3,600 and 4,500 workers, according to the latest estimate, even with losses included. This isn’t the first round of layoffs for crypto.com either; Last June he cut ties with 260 staff, while from July to October another 2,000 headed for the doors. Although the company has reached $1.2 billion in revenue by 2021, it has struggled to survive internal and external issues. These included several erroneous transfers that sent over $400 million to other exchanges, as well as the collapse of FTX.

Last year for bitcoin was marked mostly by declines. Bitcoin has been in open decline since April 2022, losing more than half of its value. It was only recently that it saw a rally that allowed it to challenge the $20,000 mark again.

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