Crypto.com is a payment and cryptocurrency platform that empowers users to buy, sell, and pay with crypto. The company announced the layoff of a total of 20% workforce which means around 800 employees from their overall headcount.
“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments,” Kris Marszalek, co-founder, and chief executive of Crypto.com, said in a blog post.
As with firms in other industries, crypto companies are aggressively undertaking major decisions to survive the downturn in the broader market, which has reversed much of the gains from the 13-year bull run. Coinbase cut about 20% of its workforce earlier this week in its second round of major layoffs at the firm. Kraken said in November that it plans to lay off 1,100 people, or 30% of its workforce.