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Crypto.com co-founder and CEO Kris Marszalek has announced a new wave of staff layoffs that will cut the global workforce by another 20%, citing deteriorating market conditions and “recent industry events.” .
“Today we have made the difficult decision to reduce our global workforce by approximately 20%,” Marzarek said in a January 13 company update.
As I shared with the team today, we continue to perform well, but due to market conditions and recent industry events, this was the right decision for the company at this time.
— Chris | Crypto.com (@kris) January 13, 2023
“All affected personnel have already been notified. These cuts were in no way related to performance. We sincerely appreciate all contributions to Crypto.com.”
Marszalek said several factors influenced their decision, including “ongoing economic headwinds and unpredictable industry events.” This was despite the cryptocurrency exchange growing to over 70 million users worldwide.
“We grew ambitiously in early 2022, building incredible momentum and aligning ourselves with the broader industry trajectory, which changed rapidly at the confluence of negative economic developments. Did.”
The cryptocurrency exchange has announced an employee layoff in June 2022. This resulted in the furlough of his 5% of employees and about 260 affected.
Marzarek said that job cuts last year helped him weather the macroeconomic downturn, but he could not explain the collapse of crypto exchange FTX in November 2022, saying that “trust in the industry has gone up significantly. damaged,” he said.
“For this reason, as we continue to focus on prudent financial management, we have made the difficult but necessary decision to make additional cuts to position the company for long-term success.”
RELATED: Crypto Layoffs Rise as Exchanges Continue to Ravage as Rampant Bear Market Ravages
A few days ago, on January 10, cryptocurrency exchange Coinbase said it would cut 950 jobs as part of the company’s measures to cut operating costs by about 25% amid the ongoing crypto winter. Announced.
Other cryptocurrency exchanges that announced layoffs last month include Kraken, Swyftx and Huobi.
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