Global brand news platform Ad Age reported on Thursday, cryptocurrency exchange Crypto.com is making great efforts to shrink its staff and brand partnerships during the bear market.
Crypto.com Reportedly Made Over 2,000 Layoffs and Reduced Sponsorship Deals
According to the news, citing multiple sources, the company has cut staff by more than 2,000, or 30-40% of staff, since the layoffs began last summer.
In previous reports, the number was close to 1,000, and CEO Kris Marszalek said in June that 260 people, or 5% of the workforce, were laid off.
Also, Crypto.com’s ambitious marketing plans and brand deals have suffered. Ad Age said the company withdrew its $495 million UEFA Champions League sponsorship last month, as well as its sponsorship with Los Angeles-based soccer team Angel FC.
According to the report, the company still plans to become the official sponsor of the 2022 FIFA World Cup, but has reduced some of its accommodation packages or the necessary services it must provide to help streamline the tournament’s operations.
A Crypto.com spokesperson told Ad Age, though refusing to give exact figures on how many people were laid off, he said:
“As announced in June, we at Crypto.com went through a restructuring process that ended in July to strengthen our position in the bear market environment…
As part of this restructuring, we made the difficult decision to deliver targeted layoffs, with 60% of these roles coming from non-corporate, back office and support services tied to trade volumes.”
*Not investment advice.
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