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.
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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.
