- Crypro.com CEO stated that layoffs were caused by poor market conditions and recent industry events.
- These layoffs are just days after Coinbase announced similar layoffs.
- The news was received positively by the Cronos token price (CRO).
Kris Marszalek (co-founder and CEO) of Crypto.com has announced today that they are laying off some staff in order to reduce their global workforce. According to the CEO, they will reduce their workforce by 20%.
The announcementThe CEO stated:
“Today we made the difficult decision to reduce our global workforce by approximately 20%.”
Marszalek responded to the issue with a tweet follow-up:
“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”
Massive layoffs of workers by crypto companies
Sources indicate that Crypto.com employs between 3500 and 4500 people. This means that the 20% reduction would impact approximately 700 to 900 employees.
Crypto.com isn’t the only cryptocurrency firm to announce layoffs for this year. Huobi had announced layoffs at start of year and Coinbase did the same a few days later.
This is not a good sign since the crypto market has been on a recovery track and investors are expecting a strong performance this year. Crypto.com also has more than 70 million users around the world, which is considered a positive for the company.
Cronos (CRO), token price rise
The token price of Cronons (CRO), has risen by 3.08% over the past 24 hours.
Since the beginning of the year, the CRO coin has experienced a positive trend with an average gain of 15.3% in the last 14 days.
