01-13-2023 icon

Crypto.com CEO Publishes 20% Workforce Reduction, Brushed Aside The FTX Crash Justification 

By Lucy Adegbe

As we continue to operate appropriately, expanding to attain over 70 million customers globally alongside retaining a strong financial record, we have been compelled to create ways to sail through the current economic challenge”, the CEO says. 

Co-owner and CEO of Crypto.com, Kris Marszalek, published a recent plan for a workforce cut that will reduce its employee population by an extra 20%, referencing substandard market situations and ongoing industry challenges. 

Today, we concluded on a tough plan to cut down on our company’s employee population by an estimated 20%, Marszalek mentioned in an official brief on Friday. 

According to the company’s chair, all the affected staff have been duly informed. Marszalek explained that the cut is separate from the firm’s functioning and Crypto.com applauds the contribution of all affected staff. 

The protocol’s chair further noted the diverse factors on which their plan is based, adding the current economic challenge and unpredictable industry situations, notwithstanding that the firm has recorded expansion to get over 70 million customers globally. 

Crypto.com had previously published a lesser workforce cut in the past June, retrenching about 5% of it’s staff, which totalled 260 personnel. 

Marszalek justified the past years’ staff cut as an aid to push through macroeconomic decline, ignoring the fall of digital currency trading platform FTX, which he outlined to have majorly affected confidence in the industry. 

Digital currency trading platform Coinbase was earlier reported to have published a decision to lay off about 950 workers to limit operational expenses by 25%, given the current industry challenges.