Crypto.com will reduce its workforce by 20%

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Crypto.com, a Singapore-based cryptocurrency exchange, announced on Friday that it will cut its global workforce by around 20%. The company’s announcement comes amid concerns over reserves and solvency across the industry.

This statement follows the news that Coinbase Global Inc, announced on Tuesday that it will lay off approximately 950 employees, representing 20% ​​of its workforce, as part of a restructuring plan.

According to Reuters, this is the second round of layoffs for Crypto.com in about six months, with the first occurring in July last year when the company had to cut jobs to deal with the macroeconomic downturn. and rising interest rates.

According to reports, the company is facing industry-wide challenges caused by the fall of FTX (owned by Sam Bankman-Fried) last year. This is said to be the main reason for the 2022 crypto-related meltdowns. This triggered a drop in the value of cryptocurrencies and resulted in around 1 million creditors suffering billions of dollars in losses.

Apparently, according to a statement from Kris Marszalek, CEO of Crypto.com, the recent failure of FTX has significantly damaged trust in the industry.

Some other crypto rivals also joined the list of layoffs. Huobi also announced that it would cut about 20% of its workforce and, according to a source, Genesis also cut jobs representing 30% of its workforce.

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