• Crypto.com has been hit by yet another wave of layoffs, reducing the headcount by 20%.
• The exec revealed all affected employees have already been notified and added that the reductions were not related to their performance.
• The Singapore-headquartered platform said it slashed 250 jobs in mid-last year, but the actual number was a lot higher.
Crypto.com, the Singapore-headquartered cryptocurrency exchange, has been hit by yet another wave of layoffs. According to the announcement from the co-founder and CEO of the exchange, Kris Marszalek, the headcount at the company has been reduced by 20%, blaming “ongoing economic headwinds and unforeseeable industry events”.
The crypto exchange had grown to more than 70 million users worldwide, but the recent layoffs have taken a toll on the company. The exec revealed all affected employees have already been notified and added that the reductions were not related to their performance. He also mentioned that the previous reductions of 250 jobs in mid-last year had helped the company to survive the ongoing market downturn.
The crypto market has been reeling under immense bearish pressure and the crypto firms have been struggling to survive the impact of the bearish market. Crypto.com is not the only crypto-related company that has had to resort to layoffs in the recent past. Several other crypto and blockchain companies have had to take similar measures in order to stay afloat in the bear market.
The crypto exchange has been slowly but steadily increasing its user base in recent times. It has also been expanding its services to new markets, as well as launching new products. However, the current market situation does not seem to be favorable for the company and it is yet to be seen if it can survive the bearish market.
Crypto.com is not the only crypto-related company that has had to resort to layoffs in the recent past. Several other crypto and blockchain companies have had to take similar measures in order to stay afloat in the bear market. With the crypto market still facing a lot of volatility, companies have had to make some tough decisions in order to make sure they remain in business.
Crypto.com has been trying to weather the storm and its executives have been vocal about the need to make tough decisions in order to ensure the company’s survival. The company is also taking steps to make sure that it can adapt to the changing market conditions and come out of the bearish market with a strong footing.
It remains to be seen how Crypto.com will fare in the coming days. For now, the company is doing its best to make sure that it can survive the bearish market and come out of it stronger than ever.