Crypto.com cut over 2,000 employees Cryptocurrency platform | Crypto_NFT
Crypto.com cut over 2,000 employees
Cryptocurrency platform Crypto.com has cut its staff by about 40%, laying off more than 2,000 employees. This is reported by AdAge, citing sources within the company.
In June, platform CEO Chris Marszalek announced a layoff of 260 employees, or 5% of the entire Crypto.com workforce. By the end of the summer, the number of people laid off allegedly increased eightfold.
Former and current employees told the publication that they were the first to reduce the marketing division - the creative department was completely dissolved a few months after the creation.
According to media reports, in addition to withdrawing its €500 million UEFA Champions League sponsorship, Crypto.com has also terminated contracts with Los Angeles-based women's football team Angel City FC and streaming platform Twitch.
The company's press service declined to specify the number of laid-off employees. A spokesman for Crypto.com called the current events "a process of restructuring" that "allowed to strengthen the position during the bearish cycle." According to him, 60% of those laid off were freelancers.
In March, the International Football Federation announced that Crypto.com would become the official sponsor of the World Cup in Qatar.
Earlier, state optimization was announced in BitMEX, Robinhood, Gemini, Bitso and the parent company of the Brazilian exchange Mercado Bitcoin.
Coinbase will cut staff by about 18%, blockchain platform BlockFi by 20%. According to media reports, Huobi will lay off 30% of its employees, NFT gaming studio Immutable will lay off more than 20%.
