Kris Marszalek, CEO of crypto platform Crypto.com, has just announced the company plans to carry out a new wave of cutbacks amid poor market conditions and "recent industry developments."
According to him:
"I remain as confident as ever in our business and in the future of crypto, but I recognize we have a lot of work to do to help restore trust in the industry. It will take time, but we will get it done."
He has said the decision has been made in light of negative economic phenomena and the collapse of cryptocurrency exchange FTX.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Marszalek announced in June the company planned to lay off 260 employees (5% of Crypto.com's entire workforce). However, the number of people laid off reportedly increased eightfold by the end of the summer.
In addition, in October, the platform cut its staff by approximately 40%, leaving more than 2,000 employees out of work.
It is worth noting that Crypto.com is not the only company in the sector to be carrying out layoffs, as market conditions have forced numerous companies to take similar measures.