![Crypto.com to reportedly cut global workforce by 20% Crypto.com to reportedly cut global workforce by 20%](https://varindia.com/storage/news/uploads/2018/02/63c29cab3afa6.jpg)
Singapore-based crypto exchange Crypto.com has reportedly decided to reduce its global workforce by approximately 20%, amid poor market conditions.
CEO Kris Marszalek stated that the job cuts were not related to performance. He also said that the growth trajectory of the company changed rapidly with a confluence of negative economic developments.
He further added that the “difficult” decision was made amid a focus on “prudent financial management” and “to position the company for long-term success.” Crypto.com has reportedly around 3,500-4,500 employees, making the current round of layoffs impact around 700-900 employees.
Crypto.com previously made layoffs in the middle of last year. Kris Marszalek said, “The reductions we made last July positioned us to weather the macroeconomic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success.”
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