Impacting a layoff decision, the cryptocurrency industry has encountered multiple pressures in the last few months, spanning the bear market matters to the plummeting FTX trading.
Heaptalk, Jakarta — Crypto.com, a Singapore-based cryptocurrency platform, has slashed 20% of its global employees this early week. Previously, as informed by the company representative, this digital asset company has also performed a layoff move for 260 of its team as of last June 2022.
In response to the termination step, the Co-Founder and CEO of Crypto.com, Kris Marszalek, divulged the company aims to strengthen its financial management carefully to reach a long-term business accomplishment. Besides, the unexpected situations of this industry amidst the economic turbulence also influenced this employee reduction process.
Although the company claims to continue to generate excellent performance, including having more than 70 million users worldwide and retaining a robust balance sheet, Marszalek admits that his team is mandatory to overcome ongoing economic obstacles along with the fluctuating conditions of the crypto industry.
“We have risen ambitiously in early 2022, bringing us to build our tremendous momentum aligned with a more extensive trajectory of the crypto asset industry. However, this track has changed more quickly among the negative matters of economic enhancement worldwide,” added Marszalek, cited in liputan6.
As it is known, the cryptocurrency industry has encountered multiple pressures in the last few months, spanning the bear market matters to the plummeting FTX trading, impacting the bankruptcy of several digital asset trading exchanges.
According to the CoinGecko, the price of crypto token Cronos (CRO) affiliated with Crypto.com showed an increase of only about 0.1% in the last hour, grew about 3.2% in the last 24 hours, and climbed about 13.8% in the last seven days.
On the other hand, the company is reportedly experiencing a massive withdrawal of crypto coins, known as Rush Money, to reach US$1 billion. Investors took this mass withdrawal following a bankruptcy prediction that hit the Crypto.com exchange.
Before experiencing deterioration, Crypto.com was one of the leading crypto exchanges based on global turnover. Although the company’s position is still far below FTX and Binance, Crypto.com successfully attracted investors in 2021.
Following this rightsizing action, Crypto.com’s senior leadership team remains confident in the company’s vision and mission. As concluded by Marszalek, “We have a significant year ahead of us as the company continues to help restore confidence in the crypto industry. For this reason, we will always amplify our services globally,”
