Crypto.com will lay off 260 people, or 5% of its corporate workforce, as the markets continue to head into a downturn, CEO Kris Marszalek said in a tweet on Saturday.
אין אַ טוויטטער פאָדעם, Marszalek described the layoffs as a “difficult and necessary” decision to “ensure continued and sustainable growth for the long term.” The CEO also referenced the current “market downturn,” alluding to the 2018 crypto bear market and the company’s “focus on building” during the 2018-19 crypto winter.
During that period, the פּרייַז פון ביטקאָין tumbled about 65%, falling from its then all-time-high of almost $20,000 in December 2017 to below $7,000 in February 2018.
“We will continue to evaluate how to best optimize our resources to position ourselves as the strongest builders during the down cycle to become the biggest winners during the next bull run,” Marszalek wrote.
On Monday morning, Crypto.com was the 14th largest cryptocurrency exchange by spot volume, having done $1.3 billion in trading volume over the past day. In the past six months, Crypto.com has been spending heavily on marketing.
The Singapore-based exchange spent an estimated $700 million to become the exclusive crypto exchange sponsor of the FIFA וועלט קאַפּ קסנומקס, paid $100 million to have Matt Damon star in a יבער באָוול געשעפט, and spent $ קסנומקס מיליאָן putting its name on what was formerly known as the Staples Center in Los Angeles.
But the heady days of Fall 2021 have faded.
פון מאנטאג אינדערפרי, ביטקאָין was trading at around $23,500, down 65% from the all-time high of $68,789.63 it set in November 2021. The total market capitalization of all cryptocurrencies has now סליפּט אונטער $ 1 טריליאַן to $983 billion, down from $3 trillion in November, according to קאָונמאַרקעטקאַפּ.
Crypto.com isn’t the only large cryptocurrency firm that’s slashed its workforce to prepare for crypto winter.
Gemini has אַוועקגענומען 10% of its staff and קאָינבאַסע first implemented a הירינג פרירן און דעמאָלט rescinded recently extended job offers. . In אין לאַטייַן אַמעריקע, Bitso, Mexico’s largest crypto exchange, laid off 10% of its staff. And in Argentina, crypto exchange Buenbit has laid off 45% of its employees.
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Source: https://decrypt.co/102744/crypto-com-lays-off-5-of-corporate-staff-citing-market-downturn
