Cryptocurrency exchange Crypto com is cutting staff by 20 percent in the ongoing crypto winter.
Aside from the bankruptcy of one of the world’s largest cryptocurrency exchanges, FTX, crypto companies are facing challenges, with the impact of the current crypto winter. Many crypto companies have started to renew their financial structures to avoid an FTX-like collapse. Crypto exchange Crypto.com is also making a layoff and restructuring move. The crypto exchange is reportedly planning to lay off workers as a step in its restructuring process. Another bad week has been added to the already bad week for crypto employment.
Crypto.com Reduces Employee Number
Crypto.com said it has cut its workforce by about 20 percent in order to recover from the winter effects in the crypto industry.
The firm cited economic headwinds from the crypto market downturn and the FTX boom as the reason behind the layoffs.
The exchange is the latest crypto firm to announce layoffs after Coinbase laid off about 20 percent of its staff. Not long ago, Blockchain.com and Consensys were also reportedly laying off some of their staff.