Crypto.com announces 20% job cut citing a slowdown

Crypto.com on Friday announced a drastic scale-down of its global workforce by approximately 20% in measure to navigate ongoing economic headwinds and tackle unforeseeable industry events.

Kris Marszalek, Co-Founder & CEO  of the company, on the company blog, said its decision to slash jobs in no way related to performance.

Despite the job cut plan, the company further claimed its sound financial footing saying it is growing to more than 70 million users worldwide.

"We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments. The recent collapse of FTX significantly damaged trust in the industry. It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success,"  Marszalek wrote.

Crypto market slumped last year after its boom in 2022. 

Also Read: After Goldman Sachs and Genesis, Silvergate Capital to kick out 200 employees

In November 2022, the crypto market took its nosedive when FTX exchange announced bankruptcy and Samuel Bankman-Fried resigned from his position as CEO of the firm.The fiasco affected investors across the globe and an estimated 3-5 lakh Indians lost their money owing to their exposure in FTX exchange.