Crypto.Com Makes Cuts In Workforce Due To Market Downturn

Crypto.com makes cuts in its workforce following the examples of Coinbase, Bitso, Gemini, and Buenbit due to the market downturn as we can see more today in our latest cryptocurrency news today.

Crypto.com makes cuts in its workforce and will lay off 260 people as the market continues to head into a downturn as CEO Kris Marszalek said. He described the layoffs as difficult and necessary beucase they need to ensure sustainable growth for the long term. The CEO referenced the current market downturn and alluded to the 2018 bear market with the company’s focus on the building during the 2018 crypto winter. At that time, the price of BTC crashed by 65% and fell from its ATH of $20,000 to below $7000:

“We will continue to evaluate how to best optimize our resources to position ourselves as the strongest builders during the down cycle to become the biggest winners during the next bull run.”

Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so.

— Kris | Crypto.com (@kris) June 11, 2022

Crypto.com was the 14^th biggest crypto exchange by spot volume after making $1.3 billion in trading volume in the past day. In the past six months, Crypto.com was spending heavily on marketing, and the Singapore-based exchange spent $700 million to become the exclusive crypto sponsors of the FIFA World Cup 2022 and paid $100 million to have Matt Damon star in their commercial while also spending $700 million to put its name on the Staples Center in LA.

Bitcoin was trading at $23,500 and remained down 65% from the ATH of $68,789 that was set in November 2021. the total market cap of all cryptos slipped below $1 trillion to $983 billion which is down from the $3 trillion in November. Crypto.com is not the only crypto company that is making layoffs to prepare for the crypto winter. Gemini laid off 10% of the staff and Coinbase initailly implemented a hiring freeze and then rescinded the job offers. Bitso which is Mexico’s biggest exchange laid off 10% of the staff and in Argentina, Buenbit laid off 45% of its employees.

As earlier reported,  becomes the main sponsor of the FIFA World Cup and making moves into the world of sports making a significant partnership with the world’s biggest soccer association. FIFA announced a new sponsorship deal with the exchange for the FIFA World Cup Qatar 2022 and gave the right to become the exclusive crypto tradign platform sponsor of the 2022 games.