- crypto exchange Krypto.com is To cut its global workforce by 20% as it navigates ongoing economic headwinds and “unpredictable” industry events.
- According to different Social media Crypto.com has about 3500-4500 employees. The current layoffs would affect around 700-900 employees.
- The announcement comes after that Coinbase Global Inc COIN said it would cut about 950 jobs, or 20% of its workforce, like Part of a restructuring plan.
- Kris Marszalek, the company’s chief executive officer, said in a statement on Friday that the “difficult” decision was made against a background of “prudent financial management” and “the company’s positioning for long-term success.”
- Also read: Crypto.com Will Delist Tether in This Country: What Customers Must Do by January 31.
- “We grew ambitiously in early 2022, building on our incredible momentum and aligning with the evolution of the entire industry. This development quickly changed with the confluence of negative economic developments,” said Kris Marszalek.
- “The cuts we made last July have positioned us to weather the macroeconomic downturn, but they have not taken into account the recent collapse of FTX, which has significantly damaged confidence in the industry,” Marszalek wrote.
- These cuts “did not take into account FTX’s recent collapse, which has severely damaged confidence in the industry,” Marszalek added.
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