Cryptocurrency

Crypto.com to slash workforce by 20%

Hull Invest

Crypto exchange platform Crypto.com has made a move to lay off about 20% of its workforce worldwide.

Crypto.com CEO Chris Marzalek said: January 13th The exchange has made the difficult decision to cut staff to weather the challenges of the current bear market.

Crypto.com reportedly killed its employees about 4,000 However, the recent FTX impact and market impact forced the company to make a second round of layoffs.

“The cuts we made last July helped us weather the macroeconomic downturn, but they didn’t explain the recent collapse of FTX, which severely undermined confidence in the industry,” said Kris.

As a result, Crypto.com will notify all affected personnel and proceed with payment of legitimate benefits.

Chris added that the exchange is working with relevant stakeholders to restore confidence in the cryptocurrency industry and further its global expansion efforts.

From waste to barrage

The growing pains of the bear market forced Crypto.com to move from spending heavily to laying off employees.

About seven months ago, Crypto.com cut its workforce by 5%. About 260 employees lost their jobs as a result.

However, speculation in the crypto community suggests that the financial troubles rocking the exchange may be due to extravagant spending on marketing.

famous “Fortune favors the brave” The marketing campaign cost about $100 million.Plus, starring a 30-second Super Bowl commercial lebron james It cost about $7 million.

Additionally, Crypto.com spent about $700 million to acquire the naming rights to the Staples Center and another facility. $400 million To complete 6 sports deals.

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