Prominent Exchange and Token Issuer Crypto.com Slashing 20 Percent of Workforce

Prominent Exchange and Token Issuer Crypto.com Slashing 20 Percent of Workforce
Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken on Nov. 28, 2021. Dado Ruvic/Reuters
Naveen Athrappully
Updated:
0:00

Crypto.com will be laying off about a fifth of its workforce in a second round of layoffs within six months, citing industry-wide issues, including FTX bankruptcy, in what looks like a trying period for the once-booming sector.

Although the company “grew ambitiously at the start of 2022,” the “trajectory changed rapidly with a confluence of negative economic developments,” said Kris Marszalek, chief executive of the Singapore-based crypto-exchange. “The reductions we made last July positioned us to weather the macroeconomic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry.”

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