BENGALERU – Singapore-based crypto exchange Crypto.com is cutting its global workforce by around 20%, the industry’s latest pullback after virtual coin prices crashed.
Mr Kris Marszalek, the company’s chief executive, said in a statement on Friday that the “difficult” decision was made with a view to “prudent financial management” and “positioning the company for long-term success”. .
“All affected personnel have already been notified. These reductions were in no way performance related, and we express our deepest gratitude for all of their contributions to Crypto.com.
Mr Marszalek said several factors influenced the decision, including “current economic headwinds and unpredictable industry events”. This is despite the crypto exchange growing to over 70 million users worldwide.
The announcement comes after Coinbase Global said on Tuesday that it would cut about 950 jobs, i.e. 20% of its workforce, as part of a restructuring plan.
Crypto firms have collectively cut over 1,600 jobs in the first two weeks of 2023, reeling from the token price rout. The collapse of the FTX exchange is also impacting the industry and clouding its outlook.
Crypto.com already made redundant in June of last year, elimination of 260 employees, or about 5% of its workforce. BLOOMBERG, REUTERS