CEO and co-founder of crypto exchange Crypto.com, Kris Marszalek, announced that the firm will cut its global headcount by 20%, in efforts to navigate ongoing economic headwinds and "unforeseeable" industry events.
Marszalek’s announcement published on the company site reads that despite the company growing to over 70 million users globally, the confluence of negative economic developments, ambitious growth, and the recent collapse of FTX have led to the decision to reduce employee numbers.
He stated that the FTX collapse “significantly damaged trust in the industry.”
This is the second wave of layoffs for the firm over the last 12 months, having terminated 250 roles in mid-2022.
Coinbase also cut its workforce by 20% earlier this week, with similar layoff stories appearing from other crypto firms over the past 10 months. Just a handful of firms affected by the crypto downturn include Kraken, Huobi, Genesis, Swyftx, Blockchain.com, ConsenSys, Amber Group, and Silvergate Capital.