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Crypto.com reportedly lays off more than 100 people even after cutting the slack by 5% in June

Crypto.com is been suspected for laying off more than 100 employees discreetly

  • com lays over 100 employees even after reducing 5% of the work force
  • Market crash in May has impacted the crypto exchange massively
  • The steps the company is taking to cut its cost
  • Employment opportunities in Crypto industry endangered

Crypto.com lays over 100 employees even after reducing 5% of the work force

Crypto.com, a popular cryptocurrency exchange, in June, announced that it was going to lay off a minimum of 5% of its work force, as a method to reduce the costs of the business, to survive the imploding market. The total employees that were laid off in June was around 260. Now, the news is going round that, Crypto.com went on to lay off an additional 100 employees, again to cut the costs of the business to stay viable in the market situation.

The news is spreading like a wild fire, because, already the crypto exchange had laid off 260 people. Cutting more slack would only mean that the company is in deeper slack than everyone anticipated and the news is amusing to everyone concerned with the market.

Market Crash’s impact on Crypto.com

Crypto market crash affects

Credits: Corporate Finance Institute

The market crash that happened in May 2022, has had sever effects on the cryptocurrency exchange. Crypto.com’s CEO, Kris Marszalek, announced that the company would lay off 5% of its work force to control the costs. Crypto.com was not the only one to follow this process. Many other crypto exchanges such as BlockFI, Gemini also followed the same strategy to control the costs of their business.

The close source from Crypto.com talks to The Verge about the position of the company

According to a close source, “After the laying off of 260 people we thought the company would be stabilized.” But, as days went, we noticed many people disappearing from our internal slack or scheduled meetings.

Employment opportunities getting endangered in the market

Due to a severe market crash, the employment opportunities in the cryptocurrency market, has surely been impacted and one can even go to the extent of saying that the opportunities are endangered. Crypto.com, Block Fi, Gemini and all the reputed companies are resorting to lay-offs, then one can only think what would a normal not so popular crypto exchange do to control their costs.

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What do you think about Crypto.com’s moves in the current market situation? Share your thoughts in the comment section below. Also if you found the content informative, then please share it with your family and friends.

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