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Singapore-based digital asset exchange Crypto.com will lay off 20% of its workforce, co-founder and CEO Kris Marszalek said in a Twitter post on Friday. He did not disclose the actual number of jobs that will be cut.
See related articles: Coinbase cuts jobs, shuts down most of its cryptocurrency operations in Japan
quick facts
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“While the company continues to perform well, market conditions and recent industry events made this the right decision for the company at this time,” said Marzarek. wrote on twitter.
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Crypto.com cut staff last July, blaming the global recession for the exchange’s unpreparedness for the FTX collapse and the loss of confidence in the industry, according to the report. The exchange’s CEO announced the latest layoffs in a letter to employees posted on the company’s website.
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Last summer, Crypto.com announced it was laying off 260 employees, which made up 5% of its workforce at the time. But The Verge, citing unnamed sources, reported in August that the company gave away hundreds more without disclosing it. According to The Verge, the CEO responded by saying he was under no obligation to announce all job cuts.
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Crypto.com joins the list of cryptocurrency exchanges that have announced job cuts after FTX went bankrupt last November. They include Kraken, Coinbase, Huobi and Blockchain.com.
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In November, Marszalek said during a live Q&A session hosted by Crypto.com that his exposure to FTX is less than $10 million.
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Kronos, the Singapore-based exchange’s native token, saw its value drop by more than 50% during the week of FTX’s failure as investors grew wary of tokens issued by centralized exchanges. bottom.
See related articles: US SEC indicts Genesis and Gemini for sale of unregistered securities
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