Like many companies earlier this year, cryptocurrency platform Crypto.com reports that it is laying off workers of its own. This measure represents 20% of its workforce.
Crypto.com layoffs to weather cryptocurrency winter
In a bear market environment, the cryptocurrency platform Crypto.com reports that it is laying off around 20% of its employees Worldwide. After Silvergate, Genesis, Huobi and Coinbase, a new renowned player joins the scaling wave at the beginning of the year.
Affected individuals have been notified, and Kris Marszalek, CEO of Crypto.com, explained it this decision was not based on the performance of its employees :
“Several factors influenced our decision to downsize. While we continue to perform well, reaching over 70 million users worldwide and maintaining a strong balance sheet, we have faced economic headwinds and unpredictable industry events. »
👉 Listen to this article and all other cryptocurrency news on Spotify
The headwinds in question relate in particular to FTX, of which many companies have suffered collateral damage, accentuating the decline in market activity. It should also be noted that, in general, the slowdown in the global economy has not failed to affect our ecosystem as well.
Last July, when the cryptocurrency market was stabilizing more and more in the bear market, Crypto.com had already parted ways with 5% of its strengthbut like other exchanges that make headlines, this first measure will not have been enough.
Kris Marszalek explains that the platform has grown, “ambitiously” at the beginning of last year, and that this new restructuring is the result of a choice of “prudent financial management“. Despite this decision, however, the interested party says he is confident in the future of his company.
While some fire, others seem to be fine despite the context. This is especially the case with Binance, for example, which still has 682 job postings on its websiteat the time of writing.
As for the CRO, the platform’s token, the latter has not been affected by the bad news, recording a gain of 4% in the last 24 hourswhile the market regains strength, at least temporarily.
👉 Also in the news: Coinbase fires 950 people again
The all-in-one encryption app
0 commission for your first cryptocurrency purchase 🔥 (up to $200)
Source: Crypto.com
News 🍞
Receive a roundup of cryptocurrency news every Monday by email 👌
What you need to know about affiliate links. This page features investment related goods, products or services. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of using a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
MFA recommendations. A high return is not guaranteed, a product with a high return potential carries a high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose some of these savings. Do not invest if you are not ready to lose all or part of your capital.
Read more on our Financials, Media Transparency and Legal Notices pages.
I timidly discovered the world of blockchain in late 2018 during my quest for financial freedom. Initially invested moderately, only two years later I took the gamble of betting everything on the movement that was then taking shape. I then dedicate 2021 to training better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I know, I want to share with you.
Vincenzo Mayor
441 items