Hey Peeps!
Another quick news story for you today.
On January 13th, Crypto.com has announced, via their Company blog, that they will be cutting their global workforce by up to 20%.
This is also the 3rd time that Crypto.com has announced layoffs since June 2022.
Crypto.com joins the growing list of crypto companies who have recently announced layoffs, such as Coinbase, Huobi, and SuperRare.
"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. That trajectory changed rapidly with a confluence of negative economic developments. The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success."
- Kris Marszalek, Co-Founder & CEO of Crypto.com
Kris Marszalek also took to Twitter to announce the layoffs and get ahead of the news that was dropping the next day:
Despite the announcement of the layoffs, Kris Marszalek went on to say that he and the senior leadership at Crypto.com are "confident as ever" regarding the future.
I have to say, it is very worrying to have a company announce three separate layoffs in such a short amount of time.
I am not sure what to make of this, but it seems like a very bad sign to me.
Again, like I always say, hopefully I am wrong and this is the best move to keep Crypto.com solvent and in business for the foreseeable future.
What do you make of this news?
Are you concerned about Crypto.com?
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