Singapore-based Crypto.com Plans to Reduce its Worldwide Staff by 20%

• Akansha Gupta
• January 13, 2023
• Crypto, News
• 0 Comments

• 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.