Crypto.com lays off around hundred more employees silently amid turmoil in the crypto market
India Today
In June, Crypto.com laid off more than 200 employees. The company has initiated a second round of layoffs. This time crypto.com fired around hundreds more.
Several big tech companies like Google, Apple, Microsoft, Netflix, Twitter, and others are taking initiatives to cut costs amid the economic slowdown. Well, the financial instabilities are not just limited to the tech world but go beyond to several other segments, including Edtech as well as the crypto market. Some crypto-based companies, including crypto.com laid off some of their employees to control finances. Crypto.com has now reportedly cut some more jobs.
In June, Crypto.com announced laying off more than 200 employees or 5 per cent of its workforce amid the ongoing downturn in the crypto market. Now, a new report coming from The Verge, suggests that the company has fired some more employees silently. The report states that this time the company had fired more than a hundred employees.
The report suggests that the Singapore-based cryptocurrency exchange company wants to keep the total number of employees laid off within the walls of the organization. Crypto.com CEO Kris Marszalek, during a recent employees-only town hall meeting, refused to answer questions related to layoffs. He also said that he is not “obliged” to provide details related to layoffs or how many employees have been laid off so far.
“We have assured the layoffs would impact 5 per cent, 260 employees only. People in the company recently noticed many employees disappearing from our internal slack or scheduled meetings,” a source close to the development told the publication. “Due to the lack of internal transparency, one can only estimate the extent of this layoff round: we increased our staff by ~50 per cent since 2021, and almost all of them were hired to fuel growth. Now it seems these additional ~1,300 staff are viewed as costs to be reduced, in order to save the business,” the source further added.
Crypto.com is not the first company to lay off employees in the cryptocurrency business. In June, the cryptocurrency lender BlockFi announced a 20 per cent staff reduction. In the same month, Coinbase announced plans to let 1,100 workers go, or 18 per cent of its workforce. OpenSea, an NFT marketplace, also announced in July that it was laying off 20 per cent of its team. Even Blockchain.com said that it was closing offices and laying off 25 per cent of its staff, which is around 150 employees.
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