Crypto.com to lay off 260 employees to "optimise profitability"

Crypto.com has announced it will be laying off 5% of its workforce, as they focus on their roadmap and growth. The tweet by CEO Kris Marszalek, comes during the worst crypto slump for 13 months.

During the current crypto downturn, where the likes of Celsius has halted withdrawals and transfers, Bitcoin has plunged to its lowest level, crypto firms have cut back on hiring in response to the current market downturn. 

Over the past few weeks, crypto firms such as Coinbase Global and Gemini Trust have either slowed down their hiring process, or cut their staff. Gemini Trust made the decision to cut 10% of its staff, noting this decision was the result of “turbulent market conditions that are likely to persist for some time”.

Crypto.com expanded considerably in 2021, joining forces with a number of sports leagues and teams including the  Aston Martin Cognizant Formula 1 Team, additionally they renamed the iconic Staples Center to the Crypto.com Arena. However, despite the expansion experienced in 2021, Crypto.com has had to endure the turbulent market of the past few months, with Bitcoin falling to $23,000 at the time of publication.

Marszalek noted in the recent tweet outlining Crypto.com’s decision to make cuts:

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

He added:

"That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce," 

Following the bull run of 2021, the crypto winter of the past few weeks has hit investors hard, with many predicting further lows before the market makes a recovery. Meanwhile, crypto exchanges and crypto companies are facing a difficult time gaining back investor confidence.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.