Crypto.com Cryptocurrency exchange & platform is the latest Domino to fall for layoffs in the cryptocurrency industry.
The company has decided to let go of 5% off its workforce, a total of 260 full-time employees.
This move comes after rivalries like Gemini and Coinbase. Taking a careful step towards the cryptocurrency market with the indication of more liquidity and anticipating a sell-off in the coming months.
The companies spokesperson has released a statement saying “crypto.com remains focused on ramping up product and engineering capabilities, and has also announced to be partnering with several companies in the coming months, which it thinks is a major pivot for the company”
Crypto.com has been investing a huge sum in their PR efforts recently – signing up LeBron James as a company’s face also, including a superbowl ad.
In the recent news, Gemini has laid off 10% of its workforce, Coinbase rescinding it’s accepted offers and also announcing a long hiring freeze – including a number of crypto and blockchain based latam companies taking a hit and announcing layoffs.