As cryptocurrency exchanges struggle after FTX’s collapse last year, Crypto.com said on Friday (Jan 13) that it will cut 20% of its staff.
The Singapore-based company’s action follows rival exchanges Coinbase Global Inc. and Huobi’s intention to lay off 20% of its personnel. Genesis also eliminated 30% of its workers last week.
The layoffs at Crypto.com would be the company’s second in approximately six months, after job cuts in July 2022, to weather the macroeconomic slump caused by increasing interest rates.
The latest FTX crash seriously harmed confidence in the industry, stated Crypto.com CEO Kris Marszalek.
Today we announced the difficult decision to reduce our global workforce by about 20%.
