SINGAPORE: Digital asset exchange Crypto.com is reducing its global workforce by about 20%, the latest retrenchment in the sector following a collapse in virtual-coin prices.
Kris Marszalek, the firm’s chief executive officer, said in a statement Friday that the “difficult” decision was made amid a focus on “prudent financial management” and “to position the company for long-term success”.
Crypto businesses collectively have shed more than 1,600 jobs in the first two weeks of 2023, shaken by the rout in token prices. The collapse of the FTX exchange is also rippling through the industry and dimming its outlook.
Crypto.com previously made layoffs in June last year.