• Crypto.com announced a 20% reduction in its global workforce due to negative economic developments.
• It joins other crypto firms such as Huobi and Coinbase who have also announced layoffs this year.
• The CRO token price responded positively to the news.
Crypto.com, a leading cryptocurrency exchange, has recently announced that it is laying off a portion of its staff in order to reduce its global workforce by about 20%. The decision was made by the company’s co-founder and CEO, Kris Marszalek, and was due to a combination of negative economic developments in the crypto industry.
The news of Crypto.com’s layoffs comes just days after Coinbase announced similar layoffs. Sources estimate that Crypto.com has between 3500 to 4500 employees, meaning that the 20% reduction would affect around 700 to 900 employees. This news follows other crypto firms such as Huobi and Coinbase, who have also announced layoffs this year.
Despite the layoffs, the company’s CRO token price has responded positively to the news. Market analysts have attributed the positive response to the cost-cutting measures taken by the firm, which is seen as a necessary step in order to protect the firm’s future prospects.
Crypto.com is not the only firm to be impacted by the current uncertain economic climate in the crypto industry. Other firms such as Huobi and Coinbase have also had to make adjustments in order to ensure their long-term success. It is likely that more cryptocurrency firms will follow suit in the coming months as the industry continues to adjust to new market conditions.
The news of the layoffs has been met with a mix of emotions from the crypto community. While some view the news as a necessary step in order to ensure the long-term success of the firm, others are concerned about the impact the layoffs will have on the employees and their families.
Overall, the news of Crypto.com’s layoffs serves as a reminder of the current uncertain economic climate in the crypto industry. Despite the difficult decisions taken by the firm, the positive response of the CRO token price indicates that investors are confident in the firm’s future prospects. It remains to be seen how the market will respond in the weeks and months ahead.