SINGAPORE — Singapore-based digital currency exchange Crypto.com has announced a 5 per cent reduction in its workforce amid a “crypto winter”.
Crypto.com, which is headquartered in Singapore, said it would make the “difficult and necessary decisions to ensure continued and sustainable growth” by reducing around 260 positions in its workforce, said its chief executive officer Kris Marszalek via Twitter on 11 June. The company, founded in 2016, has around 4,000 employees, according to its website.
He continued, “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.”
The layoffs come on the back of other similar cuts in recent weeks. New Jersey-based crypto lending startup BlockFi also announced a headcount reduction of 20 per cent Monday. Its founders Zac Prince and Flori Marquez said in a…
