Crypto.com, a cryptocurrency exchange, said on Friday it will cut 20% of its global workforce in response to ongoing economic headwinds and “unforeseen” industry events.
This is the second major layoff at the company, having cut about 2,000 jobs in the middle of last year.
“Our ambitious growth in early 2022 builds on our incredible momentum and aligns with the broader industry trajectory. This trajectory is rapidly changing as negative economic developments converge,” Crypto. Kris Marszalek, co-founder and CEO of com, Say in a blog post.
“The cuts we made last July, which allowed us to weather the macroeconomic downturn, did not take into account the recent collapse of FTX, which severely damaged trust in the industry. It is for this reason that, as we continue to focus on Along with prudent financial management, we have made the difficult but necessary decision to make additional reductions for the long-term success of the company.”
Like companies in other industries, cryptocurrency firms are aggressively making big decisions to ride out a broader market downturn that has reversed most of the gains from a 13-year bull market.Coinbase Cut about 20% of staff earlier this week In the second round of mass layoffs at the company. Kraken said in November that it Plans to cut 1,100 jobsor 30% of its employees.