Due to continued economic difficulties and “unforeseeable industry developments,” Singapore-based Crypto.com has decreased its overall employment by about 20%, according to CEO Kris Marszalek.
The cryptocurrency company said that the current FTX developments were not taken into consideration in its prior layoffs, which led to the termination of almost 260 employees.
“We made the difficult but necessary decision to make additional reductions in order to position the company for long-term success,” the firm said in a statement.
Additionally, the corporation stated that the most recent layoffs had nothing to do with employee performance.
Crypto.com claimed that it has over 70 million users worldwide and has been keeping a “solid” balance sheet despite the present market conditions.
Players in the cryptocurrency market have been acting quickly to stay afloat in the wake of a slump in the larger market.
This week, Coinbase, a rival crypto-major, reduced its personnel by almost 20% by implementing its second wave of layoffs.