Crypto exchange Crypto.com said on Friday it is cutting its global workforce by 20% as it navigates ongoing economic headwinds and “unforeseeable” industry events.
This is the second major layoff at the firm, which cut about 2,000 jobs in mid-last year.
“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,” Kris Marszalek, co-founder and chief executive of Crypto.com, said in a blog post.
“The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success.”
More to follow
