Singapore-based Crypto.com Plans to Reduce its Worldwide Staff by 20%
- Brandon Davis
- January 13, 2023
- Crypto, News
- 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.