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.
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
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.
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.