Crypto.com slashes headcount by another 20% in aftermath of FTX fiasco

Crypto.com announced today that it is laying off 20% of its employees.  The company, which is based in Singapore, primarily blamed the collapse of FTX for weakening the overall industry.

Discussing the layoffs, Crypto.com Co-founder & CEO Kris Marszalek said, “Several factors played into our decision to reduce headcount. While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we’ve had to navigate ongoing economic headwinds and unforeseeable industry events. We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry.”

Today’s Crypto.com cuts come after the company laid off staff just six months ago.  At that time, the company cited rising interest rates and declining overall economic conditions as the reasons for the job cuts.

Crypto.com’s layoffs come after rival exchanges Huobi and Coinbase Global both announced 20% staff cuts earlier this week.  Genesis also reduced its headcount last week by approximately 30%.

Marszalek went on to remark, “The entire senior leadership team and I remain as confident as ever in our mission and vision at Crypto.com, along with our unique position within the industry as the leader in regulatory compliance, security and privacy. We have a significant year ahead of us as we continue to help restore trust in our industry and further mainstream our services in markets around the world.”

According to Crypto.com, more than 70 million customers across the globe use the company’s platform, which is an industry leader in security certifications and regulatory compliance.  More information can be found by visiting crypto.com.