Miguel Cordon · · 2 min readCrypto.com tags recent mass layoff reports as ‘inaccurate’
Update (October 10, 6:40 pm): This article was updated to include a response from Crypto.com.
Crypto.com said a report by Ad Age, suggesting that the global cryptocurrency exchange had cut over 2,000 of its employees, was incorrect.
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“Any media reports of ongoing job reductions are inaccurate, as are additional estimates and rumours around the total number of reductions,” a spokesperson for Crypto.com told Tech in Asia.
However, the company did not provide the exact number of employees affected.
The reported amount is significantly higher than the staff cuts earlier announced by the company’s CEO, Kris Marszalek. The announcement affected 260 of Crypto.com’s workers.
A spokesperson for Crypto.com told Ad Age that the company has made “targeted job reductions” since Marszalek’s announcement.
About 60% of the employees hit by the layoffs came from “non-corporate, back office, and support services,” the representative said, without revealing details.
The crypto exchange currently employs over 4,500 people, according to its LinkedIn page.
Meanwhile, Crypto.com also said Ad Age‘s claims that the exchange has been dialing back its marketing efforts were inaccurate. The report said the crypto firm would pull out of its sponsorship deal with Angel F.C., a Los Angeles-based soccer team.
The report added that Crypto.com had been bringing down associated costs of its sponsorship for this year’s FIFA World Cup by reducing its hospitality packages, among other efforts.
See also: How this rarest of crypto startups is shrugging off winter
Editing by Lorenzo Kyle Subido
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