In a message to employees on January 13, 2023, Crypto.com CEO Kris Marszalek announced that the company would be reducing its global workforce by approximately 20%. Marszalek stated that the decision was not related to performance and that the company was grateful for the contributions of all impacted personnel.
The layoffs come as the cryptocurrency industry faces ongoing economic headwinds and unforeseeable events, such as the recent collapse of FTX. Despite strong growth, with over 70 million users worldwide and a strong balance sheet, Crypto.com has had to navigate these challenges and make difficult decisions to position the company for long-term success.
Marszalek emphasized that the company remains confident in its mission and vision and its position as a leader in regulatory compliance, security, and privacy. He also acknowledged the need to help restore trust in the industry and further mainstream Crypto.com's services in markets around the world.
The layoffs at Crypto.com serve as a reminder of the ongoing challenges facing the cryptocurrency industry and the need for companies to adapt and make difficult decisions to navigate economic downturns and trust issues. Despite these challenges, Crypto.com and its leadership team remain committed to building and leading the market in the years ahead.