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Home Crypto Exchanges

Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023

Hania by Hania
January 14, 2023
in Crypto Exchanges
Reading Time: 3 mins read
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Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023
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In Brief:

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Crypto.com Co-founder and CEO Kris Marszalek announced on January 13 that the company will reduce 20% of its worldwide workforce owing to weak market conditions and “recent industry events.”

The chief executive officer of the company states that despite challenging economic conditions and unforeseen industry shocks, Crypto.com has expanded to serve more than 70 million customers and has a strong balance sheet.

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Today we announced the difficult decision to reduce our global workforce by about 20%.

— Kris | Crypto.com (@kris) January 13, 2023

All impacted employees, according to Kris, have been contacted and thanked for their services to Crypto.com. He stated that their decision was driven by continuing economic challenges and unexpected market changes.

Massive Job Cuts

Crypto.com Will Be Laying Off 20% Of Its Workforce In 2023

Following another recent announcement by Coinbase that the company was experiencing difficulties and would be implementing some employee layoffs. Coinbase terminated employees after completing its recruitment efforts during the COVID-19 pandemic.

Learn more: Coinbase To Fire 950 Employees In Second Wave Of Job Cuts.

Aside from that, Amazon recently lay off 18,000 employees, which was more than it had planned to do the year earlier. In the meantime, Salesforce has decreased its workforce by 10% by laying off over 7,000 workers.

Elon Musk fired almost 11,000 employees shortly after taking over as CEO of Twitter and Meta, or 13% of the total employment of both companies. Employees were downsized at Genesis, Gemini, and Kraken as well.

Armstrong, CEO of Coinbase, made it very clear that the industry would survive despite the most recent layoffs and a significant decline in trade volume. He made comparisons between the dot-com boom and the downturn.

In the internet era, the biggest companies strengthened themselves even more by reducing their costs. Coinbase’s CEO, Brian Armstrong, indicated that this will be the case.

Tags: coinbasecryptocurrency exchangedownsizingElon Musk
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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