Crypto.com announces layoffs, cites negative economic developments

• Crypro.com CEO cited poor market conditions and recent events in the industry as reasons for layoffs.
• The layoffs come just days after Coinbase announced similar layoffs.
• The Cronos (CRO) token price has responded positively to the news.

The co-founder and CEO of Crypto.com exchange, Kris Marszalek, has today announced that the company is laying off some of its staff to reduce its global workforce. The CEO said that they are reducing the workforce by 20%.

In the announcement, the CEO said:

“Today we made the difficult decision to reduce our global workforce by approximately 20%.”  

In a follow-up tweet post addressing the matter, Marszalek wrote:

“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.”

Crypto firms laying off workers in mass

According to sources, Crypto.com has about 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees.

Crypto.com is not the only crypto firm to announce layoffs this year. Huobi announced layoffs at the start of the year while Coinbase also announced layoffs a few days ago.

The laying off of workers sends mixed signals since the crypto market is currently on a recovery trajectory and investors are expecting some good performance this year compared to last year. Crypto.com has also grown to over 70 million users worldwide, something that is seen as a positive development for the company.

Cronos (CRO) token price surge

The Cronons (CRO) token price has responded positively to the news and risen by about 3.08% in the last 24 hours.

The CRO coin has been on a positive trajectory since the start of the year having gained about 15.3% over the past 14 days.