• Crypto.com, a Singapore-based cryptocurrency exchange, recently announced a global cut-off of its workforce by 20%.
• This decision will affect around 700-900 employees, due to the adverse economic developments happening globally.
• The layoff is not a result of the company’s overall performance or stability, but more because of the need to focus on prudent financial management and to position the company for long-term success over time.
Crypto.com, a Singapore-based cryptocurrency exchange, recently announced a difficult decision to reduce its global workforce by 20%. This global headcount reduction will have a direct impact on around 700-900 employees, due to the adverse economic developments happening globally.
Kris Marszalek, Co-Founder & CEO of Crypto.com, expressed the difficulty of implementing this decision in a company update published Friday morning. “Today we made the difficult decision to reduce our global workforce by approximately 20%,” he said. Since Crypto.com has between 3,500-4,500 employees, this 20% headcount reduction will have a direct impact on around 700-900 employees.
Kris mentioned that the decision to lay off workers has nothing to do with the company’s overall performance or stability. Rather, it’s more because of the need to focus on prudent financial management and to position the company for long-term success over time. “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,” he said.
Although the news of the global headcount reduction by Crypto.com is concerning, the company has taken measures to ensure the best interests of its employees. The company has taken into account the needs of its employees and provided them with severance and outplacement support.
Ultimately, the unfortunate decision to reduce its global workforce by 20% was a result of the challenging economic environment. Despite the grim news, Crypto.com is still dedicated to providing the best possible services and products to its customers and remains committed to its long-term success.
