Crypto.com to Cut Almost 260 Jobs Amid Market Rout

Crypto.com will cut almost 5% of its workforce, or about 260 employees, CEO Kris Marszalek said in a tweet over the weekend.

• “Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so … 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,” Marszalek said in a tweet thread.

• Crypto.com, a Singapore-based cryptocurrency exchange that offers a mobile trading application, payment and lending service, joins other major crypto companies laying off employees amid a turbulent market downturn.
• Winklevoss twins-led exchange Gemini cut about 10% of its workforce and Middle Eastern crypto exchange Rain Financial said it was cutting dozens of jobs, among other companies. Coinbase (COIN) said it would be rescinding some job offers and would pause hiring to cut costs.

Read more: Crypto Firms, Especially Exchanges, Slash Jobs as Market Rout Continues