Friday, December 1, 2023

Crypto.com Set to Reduce 20% of Staff Amid Industry Wide Challenges.

Crypto.com will be reduced by about 20% of its staff as the cryptocurrency continues to face industry-wide challenges following the FTX collapse. The Singapore-based company has also been prompted to take measures amid concerns about reserves and solvency across the sector.

Kris Marszalek, CEO of Crypto.com, highlighted that the recent FTX collapse significantly damaged trust in the industry. He said the company continues to focus on prudent financial management. Marszalek explained that they made the difficult but necessary decision to make additional reductions in an effort to position the company for long-term success. He revealed that Crypto.com grew ambitiously at the start of 2022, building on its incredible momentum and aligning with the trajectory of the broader industry. But the trajectory has changed rapidly with a confluence of negative economic developments.

Marszalek said a significant year lays ahead and Crypto.com continues to help restore trust in the industry and further mainstream its services in markets around the world. He expressed confidence in Crypto.com’s ability to build and lead the market.

Coinbase Global Inc. and Huobi took similar decisions a few days ago. Both crypto companies announced plans to lay off about 20% of their staff. Genesis is also looking at reducing 30% of its workforce. This would be Crypto.com’s second set of layouts in about six months. It had reduced jobs in July 2022 to mitigate the macro economic downturn and rising interest rates.

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