• Crypto.com announced a 20% reduction of its global workforce due to negative economic developments.
• Huobi and Coinbase have also recently announced layoffs.
• The Cronos (CRO) token price has responded positively to the news.
Crypto.com, a leading digital asset exchange, recently announced that it would reduce its global workforce by 20%. This comes as a response to the negative economic developments that have been occurring in the industry. In a statement, CEO Kris Marszalek said that the decision was made due to the changes in the industry’s trajectory.
This decision follows the news that other crypto firms have recently announced layoffs, including Huobi and Coinbase. The layoffs come at a time when the crypto market is on a recovery trajectory, leading to investors expecting positive news.
The Cronos (CRO) token price has responded positively to the news. The token has seen a surge in price since the announcement, indicating investor confidence in the exchange despite the layoffs.
Crypto.com is looking to restructure its operations and reduce its global workforce in order to remain competitive. The company will be looking to refocus its efforts on its core offerings, such as its wallet and exchange services. It will also be looking to expand its presence in the DeFi space.
The company has stated that it will be offering support and assistance to those affected by the layoffs. It will also be offering a severance package to those affected.
The layoffs come as a surprise to many in the industry, as Crypto.com has been one of the most successful exchanges in recent years. The exchange has seen unprecedented growth, with its user base reaching over five million in early 2021.
This announcement serves as a reminder that the crypto market is still in its infancy and that the industry is still vulnerable to external economic forces. While the market remains volatile, Crypto.com is looking to focus its efforts on its core offerings and remain competitive in the long-term.