Crypto.com, a trading platform, is cutting its global workforce by around 20%. This follows the recent crisis in the sector of digital assets.
Kris Marszalek, the chief executive, stated that the difficult decision was made with a focus on “prudent finance management” and “to position the company for long-term prosperity”.
https://t.co/nyGxM3zcsr to cut workforce by 20% as digital coin crisis deepens #Crypto businesses collectively have shed more than 1,600 jobs in the first two weeks of 2023.
The collapse of #FTX is rippling through the industry and dimming its outlook. #CryptoWinter https://t.co/PHa61gR4nd
— Share_Talk ™ (@Share_Talk) January 13, 2023
Collectively, crypto businesses have lost more than 1,600 jobs over the first two weeks of 2023 due to the collapse in token prices.
The industry is also feeling the effects of the collapse of the FTX Exchange, dimming its prospects.
Crypto.com, a prominent sponsor of the World Cup, has purchased the naming rights for the Los Angeles Clippers and Los Angeles Lakers home. The company previously laid off employees in the middle of last year. According to LinkedIn, it employs 4,600 people.
These reductions, Mr Marszalek stated, “didn’t account for the recent collapse in FTX which significantly damaged trust within the industry.”
