Crypto.com To Fire 20 Per Cent Employees Amid 'Negative Economic Developments'

Meanwhile, another crypto exchange Coinbase laid off 20 per cent of its workforce.

Crypto.com did not specify which positions were eliminated in the latest round of layoffs.

Source : Getty

Crypto lending exchange Crypto.com on Friday announced that the company will reduce its global workforce by approximately 20 per cent amid ongoing economic headwinds and unforeseeable industry events. This is the second major layoff at Crypto.com, which laid off about 260 employees, or nearly 5 per cent of its workforce, in mid-2022. "We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments," Kris Marszalek, co-founder and CEO of Crypto.com, said in a blog post.

The company did not specify which positions were eliminated in the latest round of layoffs, but blamed the failure of FTX, whose misappropriation of customer funds and bankruptcy "significantly damaged trust in the industry".

Meanwhile, another crypto exchange Coinbase laid off 20 per cent of its workforce, or about 950 people, to reduce its operating expenses amid the economic recession fears.

Coinbase Co-founder and CEO Brian Armstrong said that as part of this round of headcount reduction, "we will be shutting down several projects where we have a lower probability of success".

The crypto company in June last year eliminated 18 per cent of its workforce or nearly 1,100 people.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.