Crypto.com CEO announces 20% staff cut, ‘did not account’ for FTX collapse
“While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we’ve had to navigate ongoing economic headwinds and unforeseeable industry events. “
The co-founder and CEO of Crypto.com, Kris Marszalek, has announced a new wave of staff layoffs that will reduce its global workforce by another 20%, citing poor market conditions and “recent industry events.”
“Today we made the difficult decision to reduce our global workforce by approximately 20%,” Marszalek said in a company update on Jan. 13.
As I shared with the team today, while we continue to perform well, market conditions and recent industry events have made this the right decision for the company at this time.
— Kris | Crypto.com (@kris) January 13, 2023
“All impacted personnel have already been notified. These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com.”
Marszalek said several factors influenced their decision, including “ongoing economic headwinds and unforeseeable industry events.”
“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”
This is a developing story, and further information will be added as it becomes available.
