Cryptocurrency exchange Crypto.com announced Friday that it will cut its global workforce by 20% as it addresses ongoing economic headwinds and “unpredictable” industry events.
This is the second major layoff for the company, which cut about 2,000 jobs in the middle of last year.
“We grew ambitiously in early 2022, building incredible momentum and aligning ourselves with the trajectory of the broader industry, whose trajectory changed rapidly at the confluence of negative economic developments. We did,” Crypto.com co-founder and CEO Kris Marszalek said in a blog post.
“While the cutbacks we made last July helped us weather the macroeconomic downturn, they did not explain the recent collapse of FTX, which has severely damaged confidence in the industry. As we continue to focus on , we have made the difficult but necessary decision to make additional cuts to position the company for long-term success.”
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