Crypto

Crypto.com to cut 20% of jobs due to FTX contagion – Fintech Singapore

Crypto.com said it would further reduce its global workforce by around 20% as it navigated “ongoing economic headwinds and unpredictable industry events”.

The recent layoffs have been blamed on the collapse of the now bankrupt crypto exchange FTX, which Crypto.com said “significantly damaged trust in the industry”.

The the crypto industry has seen the highest number of layoffs record high in a year with around 23,600 employees losing their jobs in the crypto sector as of December 9 last year.

Crypto.com added that it would continue to “focus on prudent financial management” to position the company for long-term success.

Kris Marszalek

Kris Marszalek

“The entire management team and I remain as confident as ever in our mission and vision at Crypto.com, and in our unique position within the industry as a compliance leader. regulatory, security and privacy.

We have an important year ahead of us as we continue to help restore confidence in our industry and further integrate our services in markets around the world. I’m confident in our ability to build and lead the market, and I’m grateful to be working with all of you along the way. »

said Kris Marszalek, co-founder and CEO in a message sent to all Crypto.com employees on January 13, 2023.

The crypto exchange had officially announcement in June 2022 that it had laid off 260 of its employees who represent 5% of its global workforce.

However, several reports appeared saying that the layoffs didn’t stop there as hundreds more employees were quietly laid off and as their numbers have not been made public it is difficult to estimate exactly how many employees have been laid off during this period.

According to The edgewhen Marszalek was asked about the unpublished layoffs, he declined to divulge further details of the alleged layoffs.

He was quoted as saying,

“I want you to understand that this is a private company and we don’t have to follow the US public company playbook…There doesn’t have to be an announcement, there there is no need for a blog post. Of course, everyone is always interested in numbers.

A number makes a great headline, it’s a good thing to tell. [But] As co-owners of this business, you should be asking yourself, “Is it in my interest to have this number available?” And I’ll leave it at that.

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