Crypto.com Lays Off 20% of Staff Amid Industry Weakness and FTX Crash

• Crypto.com recently announced it will be laying off 20% of its staff due to the current economic headwinds and industry situation.
• This is the second major layoff carried out by the company, with 260 employees having previously been let go in 2022.
• The decision to fire employees has been attributed to broader market weakness and the FTX crash, which caused a misappropriation of customer funds and eventually bankruptcy.

Crypto.com, a Singapore-based crypto exchange platform, recently announced that it will be laying off 20% of its workforce in response to the current economic and industry situation. This marks the second major layoff for the company, after having previously let go of 260 employees in 2022.

The decision to fire employees has been attributed to broader market weakness and the FTX crash, which caused a misappropriation of customer funds and eventually bankruptcy, having gone on to affect the entire crypto industry considerably. Co-Founder and CEO of Crypto.com, Kris Marszalek, released a statement saying that while they had grown ambitiously in the beginning of 2022, a confluence of negative economic developments resulted in the need to cut back.

Marszalek further noted that the platform still has adequate reserves for every single coin held, and that the company will remain committed to its mission of accelerating the world’s transition to cryptocurrency despite the current setbacks. He also said that the layoffs are necessary to ensure the long-term success of Crypto.com, and that the company will remain focused on expanding its product offering, customer service, and overall user experience.

The layoffs come as the crypto industry continues to struggle under the wave of massive layoffs that have been occurring in recent times. Despite the unfortunate circumstances, Crypto.com is confident that the measures taken will ensure the company’s long-term success and continued mission to accelerate the world’s transition to cryptocurrency.