Cryptocurrency market continues to have difficult days. Shortly after the New York Legislature gave the green light to a bill to ban crypto mining, Bitcoin with a historical drop to the level of 25 thousand dollars declined.
Factors such as the collapse of LUNA, the scrutiny of BNB by the US Securities and Exchange Commission, and the Russia-Ukraine War that has been going on for months also negatively affect the market. The world’s largest cryptocurrency exchanges, in the face of this situation to decide to downsize they started.
Cryptocurrency market is on the agenda with ’employee crisis’
Many cryptocurrency exchanges, including Coinbase and Gemini, have announced that they will lay off some of their current employees and freeze their hiring. Finally, Singapore-based Crypto.com joined these companies.
Crypto.com CEO Kris Marszalek said on Twitter that the company’s corporate workforce that they have decided to part ways with 5 percent or 260 employees announced. Marszalek explained the reason for this as “to ensure continuous and sustainable growth in the long run”.
Crypto.com was first launched in 2016 by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. “Monaco” was founded under the name. The company, which was rebranded as Crypto.com in 2018, will be as of 2022. 50 million customers and more than 4,000 employees exists.
Coinbase freezes hiring indefinitely
Coinbase, the first cryptocurrency company to enter the Fortune 500 list, where Fortune Magazine lists the companies with the highest net turnover, indefinitely froze hiring and withdrew some job postings. Gemini also announced that it will reduce its current workforce by 10 percent.
Cryptocurrency continues to decline. According to CoinMarketCap data at the time of writing; Bitcoin is at $24,000, Ethereum at $1,225, Dogecoin at $0.05482 and BNB at $224. is wandering.