The CEO of Crypto.com, Kris Marszalek, has announced a cut in the company’s global workforce as digital asset markets attempt to recover.
In a company blog post, Marszalek stated that the company will be reducing its workforce by 20% due to unpredictable events in the industry, such as the recent collapse of crypto exchange FTX.
According to Marszalek, even though Crypto.com already made cuts to its workforce in mid-2022, it wasn’t enough to deal with the unforeseen disintegration of FTX.
He stated that the company has had to navigate ongoing economic headwinds and unforeseeable industry events.
The CEO also praised patient investors who have maintained conviction through the crypto winter, predicting that they will ultimately reap the rewards.
Also, he noted that the current market recovery serves as a reminder that markets won’t be down forever.
To start the year, crypto markets have posted a noticeable recovery, with Bitcoin and Ethereum, the top two leading digital assets by market cap, seeing increases in price.
Additionally, Bitcoin is currently trading at $20,875, a 26% increase since the start of the year, while Ethereum is trading at $1,529, a 27% rise during the same time frame.
Overall, while the news of the workforce reduction is disappointing, it is a necessary step for Crypto.com to ensure its long-term success.
The company will continue to focus on prudent financial management and invest in its platform and product development to provide the best possible service to its customers and partners.
