Crypto.com is a cryptocurrency exchange and payment platform that allows users to buy, sell, and store various cryptocurrencies. The platform also offers a debit card that can be used for making purchases with cryptocurrency, as well as other features such as a mobile wallet and lending services.
Kris Marszalek, CEO and co-founder of Crypto.com, has announced a reduction of their global workforce by 20%, due to poor market conditions and recent industry events.
In a company update on January 13th, Marszalek stated, “Today we made the difficult decision to reduce our global workforce by approximately 20%.”
“All impacted personnel have already been notified. These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com.”
Despite the crypto exchange reaching over 70 million users worldwide, the company has still decided to reduce their workforce.
This comes after having made a previous round of layoffs in June, which saw 5% of employees, or around 260 individuals, let go.
According to CEO Kris Marszalek, the previous layoffs were made with the intention of weathering any macroeconomic downturns, however, the collapse of another crypto exchange, FTX, in November was not factored into those plans.