Crypto winter continues. After Coinbase announced that it was reducing its workforce, Crypto.com also announced that it would cut its staff by 20%.
In a letter sent to employees and shared on social media, Crypto.com Kris Marszalek, co-founder and CEO, said they have made the decision to cut headcount due to a variety of factors, including ongoing economic hardships and unforeseen industry events. announced.
As I shared with the team today, while we continue to perform well, market conditions and recent industry events have made this the right decision for the company at this time.
— Chris | Crypto.com (@kris) January 13, 2023
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Kris Marszalek“At the beginning of 2022, we have grown assertively based on our incredible momentum and aligning with the direction of the broader industry,” he said. “This trajectory has changed rapidly as a combination of negative economic developments.”
Koinfinans.com As we reported, the CEO said that while the company’s staff reduction last July positioned the firm to survive the economic downturn, Crypto.com did not take into account the collapse of FTX.
“Therefore, we made the difficult but necessary decision to make additional cuts to position the company for long-term success, while continuing to focus on prudent financial management,” he said.
Crypto.com joins other high-profile businesses announcing layoffs, including Coinbase, Huobi, and SuperRare Labs, during the ongoing crypto winter and the collapse of Celsius, Voyager Digital, and FTX.
Despite the negative developments, Marszalek remained optimistic about the future of the company and stated that he and senior management have confidence in the company’s vision and mission as usual.
“We have an important year ahead as we continue to help restore confidence in our industry and further expand our services in markets around the world,” said Marszalek. “I am confident in our ability to build and lead the market and am grateful to work with you all on the journey ahead.” made a statement.