Crypto.com Cuts Global Workforce 20% as Digital-Asset Industry’s Woes Deepen
Digital-asset exchange Crypto.com is reducing its global workforce by about 20%, the latest retrenchment in the sector following a collapse in virtual-coin prices.
(Bloomberg) -- Digital-asset exchange Crypto.com is reducing its global workforce by about 20%, the latest retrenchment in the sector following a collapse in virtual-coin prices.
Kris Marszalek, the firm’s chief executive officer, said in a statement Friday that the “difficult” decision was made amid a focus on “prudent financial management” and “to position the company for long-term success.”
Crypto businesses collectively have shed more than 1,600 jobs in the first two weeks of 2023, shaken by the rout in token prices. The collapse of the FTX exchange is also rippling through the industry and dimming its outlook.
Crypto.com previously made layoffs in the middle of last year.
Those reductions “did not account for the recent collapse of FTX, which significantly damaged trust in the industry,” Marszalek wrote in the statement.
The company didn’t immediately respond to a request for the specific number of jobs lost in the latest round.
- Read more: Crypto Industry’s Job Cuts Top 1,600 in First Weeks of Year (1)
(Updates with more from CEO’s statement in the fifth paragraph.)
©2023 Bloomberg L.P.