Singapore-headquartered Crypto.com is reducing its headcount in the midst of worsening conditions in digital currency markets.
Crypto.com announced that it will lay off around 260 staff – or 5 percent of its workforce – according to a social media post by chief executive Kris Marszalek.
«We will continue to evaluate how to best optimize our resources to position ourselves as the strongest builders during the down cycle to become the biggest winners during the next bull run,» said Marszalek. «The markets will turn, and when they do, you can be sure that we will be ready to drive and capture the next wave of growth for cryptocurrency adoption.»
Crypto Turbulence
Over the weekend, digital currency markets were once again rattled this time by top crypto lending platform Celsius, which said late Sunday it was halting withdrawals, swaps and transfers. This follows weeks of speculation that it could not make good on delivering outsized returns including yields as high as 17 percent.
On Monday, the market value of the overall crypto market fell below $1 trillion for the first time since January 2021, according to data from CoinMarketCap.
