Singapore startup Crypto.com lets go of 20% staff

Singapore-based cryptocurrency platform, Crypto.com, has laid off about 20 per cent of its employees globally.

In a message on the company’s website, Co-Founder and CEO Kris Marszalek attributed the decision to the global economic situation. These reductions were not related to the performance of the employees.

It is not immediately clear how many jobs have been affected by the decision. As per its LinkedIn profile, 4,659 employees are working for Crypto.com.

“Today we made the difficult decision to reduce our global workforce by approximately 20%. All impacted personnel have already been notified. These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com,” he said in the message.

He added that several factors played into the company’s decision to reduce headcount. “While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we’ve had to navigate ongoing economic headwinds and unforeseeable industry events.”

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According to him, Crypto.com grew ambitiously at the start of 2022, aligning with the trajectory of the broader industry. However, that trajectory changed rapidly with a confluence of negative economic developments.

“The reductions we made last July positioned us to weather the macroeconomic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry,” he went on. “It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success.”

Marszalek also noted he and the top management team are as confident as ever in Crypto.com’s mission and vision.

“We have a significant year ahead of us as we continue to help restore trust in our industry and further mainstream our services in markets around the world. I am confident in our ability to build and lead the market, and I am grateful to work with you all on the journey ahead,” he said.

Founded in 2016, Crypto.com provides regulatory compliance, security and privacy certification. The firm saims to accelerate cryptocurrency adoption through innovation and empower the next generation of builders, creators, and entrepreneurs to develop an equitable digital ecosystem.

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