Crypto.com announces layoffs, cites negative economic developments

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  • Crypro.com’s CEO cited poor market conditions and recent industry events as reasons for layoffs.
  • The layoffs come just days after Coinbase announced similar layoffs.
  • The token price of Cronos (CRO) has reacted positively to the news.

Crypto.com exchange co-founder and CEO Kris Marszalek announced today that the company is laying off some of its staff to reduce its global workforce. The CEO said they are reducing the workforce by 20%.

In the announcement, the CEO said:

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“Today we made the difficult decision to reduce our global workforce by approximately 20%.”

In a follow-up to the tweet addressing the matter, Marszalek wrote:

“We grew ambitiously at the start of 2022, building on our incredible momentum and in line with the trajectory of the wider industry. That trajectory changed rapidly with a confluence of negative economic developments.”

Crypto companies are laying off workers en masse

According to sources, Crypto.com has about 3500 to 4500 employees, which means that the 20% layoffs would affect about 700 to 900 employees.

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Crypto.com is not the only crypto company to announce layoffs this year. Huobi announced layoffs early this year, while Coinbase also announced layoffs a few days ago.

The layoffs of employees send mixed signals as the crypto market is currently on a recovery trajectory and investors expect good performance this year compared to last year. Crypto.com has also grown to more than 70 million users worldwide, something that is seen as a positive development for the company.

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Cronos (CRO) token price increase

The Cronons (CRO) token price has reacted positively to the news, rising about 3.08% in the past 24 hours.

The CRO coin has been on a positive trajectory since the start of the year, gaining around 15.3% in the past 14 days.