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Crypto.com is decreasing its headcount by round 20% as ongoing macroeconomic headwinds and industry-related setbacks, particularly the collapse of FTX (FTT-USD), weigh, the cryptocurrency trade stated in a release dated Friday.
The job losses added to the {industry}’s ache within the final week, which featured layoffs from rival Coinbase Global (COIN) in addition to crypto brokerage Blockchain.com.
“We grew ambitiously in the beginning of 2022, constructing on our unbelievable momentum and aligning with the trajectory of the broader {industry}. That trajectory modified quickly with a confluence of unfavourable financial developments,” stated Kris Marszalek, co-founder and CEO of Crypto.com.
The chief stated his firm, which carried out job cuts in July after the implosion of the Terra (LUNC-USD) ecosystem and crypto hedge fund Three Arrows Capital, grew to greater than 70M customers globally and maintains a sturdy steadiness sheet.
Nonetheless, the downfall of crypto trade FTX (FTT-USD) dented belief within the {industry}, he added. “It’s because of this, as we proceed to give attention to prudent monetary administration, we made the troublesome however essential resolution to make extra reductions.”
A November 2022 preliminary audit confirmed that round 20% of Crypto.com’s proof of reserves consisted of meme coin Shiba Inu (SHIB-USD).
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