Digital-asset exchange Crypto.com is slashing nearly 20% of its global workforce, the latest layoff in the sector following a plunge in virtual-coin prices.
The firm’s chief executive officer, Chris Marszalek, said in a statement Friday that the “difficult” decision was made amid a focus on “prudent financial management” and “positioning the company for long-term success.”
crypto Businesses have collectively lost more than 1,600 jobs in the first two weeks of 2023 from the fall in indicative prices. the fall of ftx The exchange is also rippling through the industry and narrowing its outlook. Crypto.com previously had layoffs in the middle of last year.
“Those cutbacks did not account for FTX’s recent collapse, which significantly damaged confidence in the industry,” Marszalek wrote in the statement. The company did not immediately respond to a request for specific numbers of jobs lost in the latest round.
Crypto.com, which received permission to operate in Singapore last year, has been one of the most visible names at soccer World Cup matches and Formula 1 races – joining rivals that pour billions of dollars into advertising and sports sponsorship. have been
The collapse of FTX shook investor confidence in the financial health of the exchange, causing traders to withdraw funds. Marszalek was forced to allay such fears in November following news that Crypto.com had transferred a large amount of Ether to the wrong account. The company’s reserves currently stand at about $3.5 billion, according to data from Nansen, a slight increase from December.
Cronos, Crypto.com’s native token, was up 3.3% at 7:15 a.m. ET in London.
The text of this story is published from a wire agency feed without any modification.
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