Crypto.com to axe 20% of workforce
Crypto.com today announced its plans to reduce its global workforce by 20%. The company blamed the job cuts on ongoing economic headwinds and industry events, such as the collapse of FTX.
The statement by Kris Marszalek, Co-Founder & CEO of Crypto.com can be viewed below:
“Today we made the difficult decision to reduce our global workforce by approximately 20%.
All impacted personnel have already been notified. These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com.
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.
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. I am confident in our ability to build and lead the market, and I am grateful to work with you all on the journey ahead.”