Crypto.com, a digital assets trading platform based in Singapore has joined other crypto firms in the industry to reduce its staff size. The firm announced on Friday stating its plans to reduce its employees worldwide by about 20% in the face of the challenging crypto market.
Kris Marszalek, CEO, and Co-Founder of Crypto.com highlighted in the message to its employees that all affected workers have been informed, and the decision was not based on staff abilities in carrying out their duties but based on the economic downturn in the industry as well as unplanned events in the industry.
It is worth mentioning that Crypto.com dropped some of its employees, in July 2022, when the crypto market was shaky and the company wanted to position its business for prolonged success in the blockchain industry.
Kris Marszalek stated that the company did not anticipate that future developments in the industry, such as the collapse of the FTX Exchange in November, would result in more difficult financial conditions, which is prompting the firm to reduce its staffing for the second time in six months.
The news comes after some major crypto entities including Coinbase and SuperRare announced a reduction of their employees.
Earlier in the week, ConsenSys, a decentralized crypto exchange announced that it plans to lay off about 100 workers. A person familiar with the issue stated that the volatile crypto market and the crypto bear market may have been major contributors to the firm’s decision.
Developments in Crypto.com
While Crypto.com is being affected by the dwindling crypto market and current events in the industry, the firm has continued to make giant strides to overcome its challenges.
Crypto.com has announced that it has secured a license to operate in Brazil. According to the company, the license will permit Crypto.com to continue providing regulated fiat wallet services to Brazilian customers. The Crypto.com Visa Card which permits customers to make purchases using both local fiat and cryptos has also been available in Brazil since November 2021.
Consequently, a report from Insidecrypto.com highlighted the different types of Cryto.com’s VISA debit cards that work just like the normal debit cards, but are technically not the same thing. The VISA cards include; Midnight Blue which is the company’s entry-level card, and Ruby steel, amongst others.
