Crypto companies are on a layoff spree as Crypto.com also decided to cut its staff by 5%, accounting for 260 employees, citing difficult market conditions. Other exchanges, including Gemini and Coinbase, have also announced the decision to halt hiring and layoff employees.
In a Saturday tweet, Crypto.com CEO Kris Marszalek said that the Singapore-based exchange would lay off 260 employees, or 5% of its staff. Kris cited that the primary focus on building even during the bear market is what made Crypto.com one of the fastest-growing firms. He added that the company would continue to do so by following the roadmap and optimizing profitability.
Crypto.com CEO says that sustainable growth comes with difficult decisions
Kris said that the company will continue to evaluate and optimize its resources to position itself as a strong builder during the bear market to turn out as the biggest winner during the next bull run.
“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.”
The crypto market is going through turmoil as the market is in a bloodshed moment. Bitcoin dropped from a high of $27,521.95 to a low of $22,812.38 in the last 24 hours. It is currently trading at $23,283.37.
Crypto.com is not the only firm affected by the market condition. Gemini has fired off 10% of its workforce, while Coinbase put a hiring freeze in place before rescinding previously extended job offers. Bitso, Mexico’s largest crypto exchange, recently fired 10% of its employees. Buenbit, an Argentine cryptocurrency exchange, has laid off 45 percent of its workforce. Crypto lending platform BlockFi also announced that it will lay off 20% of its employees. The recent activities show that the bear market has affected both investors and institutions alike.