Cryptocurrency platform Crypto.com has announced a new wave of cuts amid poor market conditions and "recent industry developments". Optimization will affect 20% of the staff, said CEO Chris Marszalek.
"Today we made the difficult decision to reduce our global workforce by approximately 20%. All impacted personnel have already been notified. These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com," - wrote the head of the platform.
According to him, the decision is dictated by the negative economic phenomena and the collapse of FTX.
In June, Marszalek announced a layoff of 260 employees, or 5% of Crypto.com's entire workforce. By the end of the summer, the number of people laid off allegedly increased eightfold.
In October, the platform cut its staff by about 40%, leaving more than 2,000 employees out of work, according to media reports.
The trend for mass layoffs in crypto companies began in 2022 amid unfavorable market conditions. More than 10,000 people were affected by the cuts as of early December, according to journalist Colin Wu.
Previously, plans to terminate employment with 100 or more employees were announced by ConsenSys.
In January 2023, Coinbase announced it was laying off 950 people as part of a 25% operating cost optimization. In the summer of 2022, the bitcoin exchange cut its staff by 18%, and in the fall it cut 60 specialists.
Recall that Blockchain.com decided to lay off 110 employees (28% of the state) as part of efforts to optimize costs in the context of crypto winter.