Crypto.com Announces 20% Cut In Workforce To Ensure Company’s Long-term Success

Today, Crypto.com announced that it will be downsizing its global workforce by 20%, similar to the recent announcement made by Coinbase.

Crypto.com, a Singapore-based cryptocurrency wallet and payment provider, has announced that it will be reducing its global workforce by approximately 20%. Based on information from social media profiles, Crypto.com has an estimated workforce of 3,500-4,500 employees. With this in mind, the recent round of layoffs would affect approximately 700-900 employees.

This news was shared in a blog post today, and CEO Kris Marszalek stated that the decision was made in order to prioritize “prudent financial management” and ensure the company’s long-term success.

In the blog post, Crypto.com has notified all employees who will be impacted by the decision to reduce headcount by 20%. The decision was not related to performance and the company expresses gratitude for their contributions.

The decision was made due to various factors including ongoing economic headwinds, unforeseeable industry events and the recent collapse of FTX, which has damaged trust in the industry. The company is focused on financial management and believes this decision is necessary for long-term success.

Furthermore, the CEO stated that the senior leadership team and him continue to have faith in the mission and vision at Crypto.com. He stated that a significant year is ahead of the company, as everyone works to regain trust in the industry and expand the services in different markets around the world.

Kris Marszalek is confident in the ability to shape and lead the market, and is grateful to have the opportunity to work with everyone at the exchange.

The value of Crypto.com’s CRO token has decreased by almost 96% in the current year. Additionally, the number of active addresses utilizing the CRO token has fallen from 2,114 at the beginning of the year to around 640 in the current month.