Crypto.com will lay off 260 employees, i.e. 5% of the entire staff of the company, said Chris Marsalek, CEO of the Singapore-based cryptocurrency exchange. Targeted downsizing is necessary to ensure the company's continued and sustainable growth over the long term, he said. Now the exchange needs to focus on implementing the roadmap and optimizing profitability.
In early June, the US cryptocurrency exchange Gemini announced the dismissal of 10% of its employees, citing the company’s transition to a “cryptocurrency winter”. At the same time, one of the largest cryptocurrency exchanges, Coinbase, fired recently hired employees and suspended the hiring of new ones.
The layoffs are taking place against the backdrop of a continuing fall in the value of cryptocurrencies. In particular, on June 13, Bitcoin fell by 13% and reached $23,748 at the moment. The last time such a sharp drop was observed was in 2020. In addition, according to Binance, at the beginning of June, the value of the cryptocurrency was in the region of $47,000. On July 13, around 18:30 Moscow time, bitcoin is trading in the region of $23,000. The Ethereum exchange rate at the beginning of June was about $2 thousand, at the moment, according to Investing, it is about $1.2 thousand.
Sources: Python.Engineering, businessinsider.com