Crypto.com Cuts 20% of Global Workforce Amid Industry Slump

Cryptocurrency firms have collectively cut 1,600 jobs in the first two weeks of 2023. Hit by the crypto price collapse.

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Crypto.com, the digital asset platform, is reducing its global workforce by around 20%. It’s the latest cut in the industry since the collapse of cryptocurrency prices. Digital currencies have lost $2 trillion in value since their peak in 2021.

As Bloomberg reports, Kris Marszalek, the company’s CEO, said the “difficult” decision was made amid a focus on “prudent financial management” and “positioning the company for long-term success.”

Cryptocurrency firms collectively have cut 1,600 jobs in the first two weeks of 2023, rocked by the crypto price disaster. The collapse of the FTX exchange also hit the industry and downgraded its outlook.

Read Also: Crypto.com received a Payment Institution license in Brazil

Crypto.com previously made layoffs in the middle of last year.

Yesterday it was announced that cryptocurrency platform blockchain.com is laying off up to 110 employees in response to the broad industry decline that has driven major cryptocurrencies to new lows since the fall of 2021

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