The most recent FTX crash “seriously undermined trust in the sector,” according to a statement from Crypto.com Chief Executive Officer Kris Marszalek.
As cryptocurrency exchanges struggle across the board as a result of FTX’s demise last year, Crypto.com said on Friday that it will be cutting around 20% of its personnel.
The news by the Singapore-based business comes amid industry-wide worries over reserves and solvency, and only a few days after rival exchanges Coinbase Global Inc. and Huobi revealed they would be laying off around 20% of its personnel. Last week, a source informed Reuters that Genesis had also reduced employment by 30%.
The job cuts at Crypto.com, which already decreased staff in July of last year to prepare for the macroeconomic slump in the face of rising interest rates, would be the company’s second in around six months.
The most recent FTX crash “seriously undermined trust in the sector,” according to a statement from Crypto.com Chief Executive Officer Kris Marszalek.
In order to position the firm for long-term success, we made the tough but essential choice to make more cutbacks while maintaining our emphasis on smart financial management.
The biggest of several significant crypto-related failures in 2022 was Sam Bankman-FTX. Fried’s It caused a cryptocurrency crash and exposed millions of debtors to losses in the billions of dollars.
