Crypto.com CEO Explains Decision to Cut Staff in Letter to Employees

Crypto.com goes to put off 20% of its personnelCrypto.com introduced nowadays that it's going to lay off 20 percentage of its staff. This comes simply days after Coinbase additionally introduced it might lay off a number of its staff.
In a letter despatched to personnel and shared on social media, Kris Marszalek, co-founder and CEO of Crypto.com, stated numerous factors, together with ongoing financial headwinds and enterprise contingencies, performed a position withinside the selection to put off a number of the staff.“We grew ambitiously on the begin of 2022, constructing on our top notch momentum and in keeping with the trajectory of the wider enterprise.
The CEO stated that whilst the employer`s team of workers cuts ultimate July enabled the employer to climate the financial downturn, Crypto.com turned into now no longer chargeable for FTX's fall apart. He wrote:
Crypto.com joins different fundamental crypto corporations which have formerly needed to announce layoffs. Some of those consist of Coinbase, Huobi and SuperRare Labs and the fall apart of Celsius, Voyager Digital and FTX.
Crypto.com CEO advantageous approximately the destinyDespite the bleak news, Marszalek remained constructive approximately the employer's destiny. He stated he and senior control continue to be assured withinside the employer's imaginative and prescient and mission.“We have an crucial 12 months beforehand folks as we maintain to assist repair self belief in our enterprise and similarly mainstream our offerings in markets across the world.  I am thankful to be operating with all of you on the adventure beforehand.”