The CEO of Crypto.com announced that 260 employees, or 5% of the company’s workforce, will be laid off.
Gemini and Coinbase, among others, have announced layoffs or intentions to freeze employment.
Trading fees, which are a major source of revenue, have been eroded by the market downturn.
Another bitcoin exchange has announced the layoff of employees.
In a Saturday tweet, Crypto.com CEO Kris Marszalek said that the Singapore-based exchange will lay off 260 employees, or 5% of its staff.
- “Our approach is to keep focused on delivering against our plan while also optimizing for profitability,” Marszalek said in the tweet.
- “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,” he added. The CEO did not specify when the layoffs would be happening.
