Crypto.com cuts 20% of staff

Early Friday morning, retail-focused crypto exchange Crypto.com, the third-largest company in the space by headcount, announced it would be laying off 20 per cent of its staff, becoming the latest player in the industry to announce cuts this year.

“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.com co-founder and CEO Kris Marszalek said in a blog post.

“We’ve had to navigate ongoing economic headwinds and unforeseeable industry events,” he added.

Following Friday’s cuts, Crypto.com employs an estimated 3,600 to 4,500 employees. Last year, the company announced a layoff of 5% of staff, or 260 workers, in June. Another round of layoffs from July through October at the company was reported to have included an additional 2,000 employees.