• Crypto.com CEO Kris Marszalek has announced layoffs of 20% of the global workforce.
• The layoffs come at a time when the crypto market is on a recovery trajectory and investors are expecting good performance.
• Other crypto firms such as Huobi and Coinbase have recently announced similar layoffs.
Crypto.com, one of the world’s leading crypto exchanges, has announced the laying off of some of its staff to reduce its global workforce by 20%. The announcement was made by the CEO of Crypto.com, Kris Marszalek, who cited poor market conditions and recent events in the industry as reasons for the layoffs.
The layoffs come at a time when the crypto market is on a recovery trajectory and investors are expecting good performance. The Cronos (CRO) token price, for example, has responded positively to the news of the layoffs.
According to sources, Crypto.com has about 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees. These layoffs come just days after Coinbase announced similar layoffs.
The laying off of workers sends mixed signals since the crypto market is currently on a recovery trajectory and investors are expecting some good performance in the near future. However, it is not just Crypto.com that is laying off workers. Other crypto firms such as Huobi and Coinbase have also recently announced similar layoffs.
The CEO of Crypto.com, Kris Marszalek, said in a statement: “Today we made the difficult decision to reduce our global workforce by approximately 20%. We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”
The decision to lay off workers has been met with mixed reactions from the crypto community. Some believe that the layoffs are necessary for the long-term health of the company, while others see it as a sign of a potential future crash. There are also those who see it as an opportunity for well-paid employees to find employment elsewhere.
Regardless of how one views the layoffs, the crypto industry is going through a period of transition and it is likely that more companies will need to restructure their workforces in the coming months. This could mean more job losses in the short-term, but it could also lead to greater innovation and development in the long-term.