Crypto.com CEO Announces Reduction in Global Workforce Amid Rallies in Broader Digital Asset Markets

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Crypto.com chief executive announces reduction in company’s global workforce as digital asset markets try to recover.

In a new corporate blog post, Crypto.com co-founder and CEO Kris Marszalek said he was going to cut the company’s workforce by 20% due to unpredictable events within the company. industry, such as the recent highly publicized collapse of crypto exchange FTX.

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

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.

According to Marszalek, even though Crypto.com already downsized in mid-2022, it was not enough to deal with the unforeseen disintegration of FTX.

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 CEO continues to praise patient investors who maintain their conviction through the crypto winter, predicting that they will be the ones who ultimately reap the rewards.

Today is a good reminder that markets won’t be down forever. Those who kept building and HODLing, even when it was hard, are the ones who will inevitably be rewarded.

To start the year, the crypto markets showed a notable recovery as the two largest digital assets by market capitalization, Bitcoin (BTC) and Ethereum (ETH), saw their prices rise.

BTC is changing hands for $20,875 at the time of writing, a 26% increase year-to-date while ETH is moving for $1,529, a 27% increase over the same period.

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Featured Image: Shutterstock/NextMarsMedia

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