Crypto.com lays off 20% of workforce after FTX collapse
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Outside of Crypto.com Arena on January 26, 2022 in Los Angeles, California.
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Crypto.com announced on Friday that it will lay off 20% of its workforce. CEO Kris Marszalek said in a blog post that the cryptocurrency exchange has grown “ambitiously” but cannot take into account collapse of Sam Bankman-Fried’s crypto empire FTX.
“All affected employees have been notified,” Marszalek said in a post. Cryptocurrency exchanges and lenders have been forced actively reduce the number of employeesa move accelerated by FTX and Crisis wave which followed.
Marszalek said the cuts are part of Crypto.com’s continued focus on “prudential financial management.”
Like FTX, Crypto.com participated in premium promotional deals and sponsorsign an eye-catching naming agreement for the old Staples Center in 2021, which is valuable at $700 million over 20 years.
“We have an important year ahead as we continue to help restore confidence in our industry,” Marszalek wrote. Marszalek founded Crypto.com in 2016, overseeing a company pass report at least $1.2 billion in revenue by 2021.
Crypto.com has had a bruising 2022. Famous snobs include many wrong transport, one some of which accidentally moved over $400 million worth of assets to another exchange. The company also made a previous round of layoffs in 2022.
In December, CNBC reported on some Marszalek’s business successes and failures. At the time, Marszalek dismissed concerns about the stability of Crypto.com.
“Starting a business is hard… but there’s no better way to live”, he Written.
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