Crypto.com forced to cut more of its workforce

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Updated January 17, 2023 | Published January 18, 2023

2 mins read

CEO claims cuts are designed to avoid potential disasters rather than due to poor performance.

Crypto exchange Crypto.com has announced it has laid off a further 20% of its global workforce.

Crypto.com already laid off 5% of its employees back in July 2022 in order to “weather the macro-economic downturn”.

Crypto.com CEO and co-founder Kris Marzalek said in a blog on the latest cuts that the layoffs were “in no way related to performance” and the company has “had to navigate ongoing economic headwinds and unforeseeable industry events”.

However, the collapse of FTX forced the company to make “the difficult but necessary decision to make additional reductions in order to position the company for long-term success.”

The announcement comes days after fellow exchange Coinbase cut 950 jobs and shut down several projects that presented a “lower probability of success”.

The collapse of FTX has been cited as the key reason for the long line of crypto companies downsizing their operations, with Marzalek saying its “significantly damaged trust in the industry”.

FTX filed for bankruptcy in November last year, with CEO Sam Bankman-Fried currently on bail awaiting trial for fraud and money laundering.

Former FTX president Brett Harrison blasted the company’s practises and ethics on Twitter, claiming he advocated strongly to establish separation and independence for the executive, legal, and developer teams of FTX US but Bankman-Fried refused.

It remains to be seen whether further job losses will affect the industry.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.
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