Singapore-based digital asset exchange Crypto.com will lay off 20% of its workforce, its co-founder and chief executive officer Kris Marszalek said Friday in a Twitter post. He didn’t give the actual number of jobs being cut.
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Fast facts
- “While we continue to perform well, market conditions and recent industry events have made this the right decision for the company at this time,” Marszalek wrote on Twitter.
- Crypto.com cut jobs in July last year, blaming a global economic downturn, which did not prepare the exchange for the collapse of FTX and following loss of trust in industry, the exchange CEO said in a letter to employees on the company’s website about the latest staff cuts.
- Last summer, Crypto.com said it was cutting 260 employees, which accounted for 5% of the workforce at the time. However, the company let go of hundreds more without making it known to the public, The Verge reported in August citing unnamed sources. In response, the CEO said he wasn’t obliged to announce all job cuts, according to The Verge.
- Crypto.com adds to the growing list of cryptocurrency exchanges that announced staff cuts following the bankruptcy of FTX in November last year. They include Kraken, Coinbase, Huobi and Blockchain.com.
- In November, Marszalek said in a live Q&A session held by Crypto.com that the company had exposure of less than US$10 million to FTX.
- Cronos, the native token of the Singapore-based exchange, dropped over 50% in value during the week of FTX’s failure as investors grew more wary of tokens issued by centralized exchanges.
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