Crypto.com

History

2023:20% of employees laid off due to industry crisis

On January 13, 2023, the cryptocurrency exchange Crypto.com announced a reorganization, under which a fifth of employees will be cut. The layoffs were a response to the difficult macroeconomic situation and the ongoing cryptozyme.

The change in headcount was announced by Crypto.com co-founder and CEO Kris Marszalek. Several factors influenced the decision, he said. This is, in particular, the collapse of the FTX crypto exchange, which has significantly damaged confidence in the industry as a whole. In addition, economic obstacles and unforeseen market events that have a negative impact on the cryptocurrency sector are called.

Crypto.com laid off 20% of employees due to the crisis in the industry

We grew actively in early 2022, building on incredible momentum and following the trajectory of the industry as a whole. But this trajectory has changed dramatically under the pressure of negative economic phenomena. Today we made the difficult decision to reduce our global workforce by about 20%. All affected personnel have already been notified. These reductions are in no way related to performance, and we express our deepest gratitude for all the contribution of the dismissed employees to development, Crypto.com Marsalek wrote.

According to various estimates and data from social networks, about 3,500-4,500 employees were working in the Crypto.com as of the beginning of 2023. Thus, during the reorganization, from 700 to 900 people will lose their jobs. In mid-2022, the cryptocurrency exchange Crypto.com was already reducing its staff: then the layoffs were dictated by a slowdown in the growth of the crypto industry after the collapse of the multi-billion dollar ecosystem Terra and the cryptocurrency hedge fund Three Arrows Capital. It is noted that these layoffs allowed Crypto.com to survive the macroeconomic decline, but the current situation has created the need for an additional reduction in the number of personnel.^[1]

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