Popular crypto exchange Crypto.com has laid off more than 2,000 employees, which equates to about 40% of its staff, AdAge has reported citing sources inside the company.
Kris Marszalek, the company's CEO, announced in June the layoff of 260 employees, or 5% of the entire workforce. By the end of the summer, the number of people laid off reportedly increased eightfold.
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Former and current employees have reported the marketing division has been hit the hardest. According to them, the creative department was completely disbanded a few months after its inception.
In addition to withdrawing its €500 million UEFA Champions League sponsorship, Crypto.com has also terminated contracts with Los Angeles-based women's soccer team Angel City FC and streaming platform Twitch.
A spokesperson for Crypto.com has said the current developments are part of "a restructuring process" that "has allowed it to strengthen the position during the down cycle."