Singapore-based Plans to Reduce its Worldwide Staff by 20%
  • As cryptocurrency exchanges struggle after FTX’s collapse last year, 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 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 CEO Kris Marszalek.
Mridul Srivastava

By Mridul Srivastava

Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.