Despite Crypto.com’s announcement of a 20% reduction in staff, the price of the Cronos (CRO) coin has continued on its upward trend.
Marszalek attributed the company’s decision to drastically downsize its employment to “ongoing economic headwinds and unexpected industry occurrences.” The decision was made despite reports that the cryptocurrency exchange now has more than 70 million users worldwide.
The CEO said:
CEO and co-founder of Crypto.com Kris Marszalek stated in the business’s release that the company “took the difficult decision to downsize our global workforce by about 20%.” The CEO congratulated people touched in a tweet, writing:
“At the beginning of 2022, we expanded aspirationally, building on our incredible momentum and following the general industry’s trajectory. A series of unfavourable economic factors caused that trend to abruptly change.
The layoffs at Crypto.com came just days after Coinbase, another cryptocurrency exchange, revealed that it was cutting 25% of its operational costs by letting go of around 20% of its personnel. Huobi, Swyftx, and Kraken, among other exchanges, have all recently announced layoffs.
The cryptocurrency exchange announced a smaller 5% personnel reduction in June of last year, which led to 260 people being let go. The CEO claims that despite not lessening the effects of the FTX exchange’s failure, these layoffs allowed the exchange to survive the crypto winter. The collapse of the second-largest exchange, in his opinion, “seriously eroded trust in the business.”
- As Crypto.com announces layoffs, Cronos’ (CRO) price increases
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