Another Crypto Exchange Announces Massive Layoffs

Crypto.com CEO Announces 20% Layoff Amid Market Challenges

The year has passed, but the impact of the crypto winter has not. As a result, Singapore-based crypto exchange Crypto.com announced that it had decided to downsize its global workforce by around 20%.

On January 13, the CEO of Crypto.com, Kris Marszalek, announced a new round of layoffs that will reduce the company's global headcount by 20%. The CEO blamed the mass layoffs on poor market circumstances and recent industry events. Kris said,

“All affected employees have been informed. These reductions have nothing to do with performance, and we are grateful for all of their efforts towards Crypto.com.”

The latest round of layoffs came after the US CPI shows that the inflation is climbed by 6.5%, resulting in massive job cuts across industries. Meanwhile, the crypto exchange also announced layoffs in June 2022, affecting 5% of its global workforce.

Massive lay-offs in Crypto Industry

The bear market enters its second year and the industry undergoes massive meltdowns that damage its outlook. As a result, crypto companies are once again tightening their belts.

Coinbase, Blockchain.com, and Genesis are among the companies that have announced fresh layoffs. The three companies, along with Huobi exchange, crypto bank Silvergate Capital, and Ethereum software firm ConsenSys, collectively shed around 1,600 jobs in the first two weeks of 2023.

These back-to-back mass layoffs from leading crypto platforms increase the chances of enacting a strong regulatory framework by the respected governments to safeguard the global crypto community. 

What are your thoughts on the recent mass layoffs by popular crypto platforms? Do you believe the wave of mass job layoffs will continue in the coming months? Please share your valuable thoughts in the comment section below.

Also read: Crypto Brokerage Blockchain.com Laid off 28% of its Workforce