Singapore-based Crypto.com has reduced its total workforce by around 20% on the back of ongoing economic headwinds and “unforeseeable industry events,” the company’s CEO Kris Marszalek told its employees.
Photo credit: salarko / Shutterstock
The crypto firm said that its previous layoffs, which resulted in the dismissal of around 260 employees, did not take into account the recent developments regarding FTX.
The company also noted that the latest reductions were not related to staff performance.
“We made the difficult but necessary decision to make additional reductions in order to position the company for long-term success,” the firm said in a statement.
Crypto.com added that despite the current market situation, it has over 70 million users globally and has been maintaining a “strong” balance sheet.
The crypto industry’s players have been taking decisive actions to stay afloat in the midst of a downturn in the broader market.
Earlier this week, fellow crypto major Coinbase implemented its second round of layoffs, reducing its workforce by roughly 20%.
See also: A who’s who of projects facing frostbite in the crypto winter (Updated)
Editing by Thu Huong Le and Lorenzo Kyle Subido
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