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HomeCryptoFall of Bitcoin: Crypto.com forced to part ways with its employees

Fall of Bitcoin: Crypto.com forced to part ways with its employees

¡ Hasta la vista, crypto employees! – The weeks follow each other and look alike. Falling markets, anxiety-provoking speeches and announcements of layoffs. Most of the large companies in the sector have been affected by the recent fall in prices and have taken the decision to part with part of their staff. After Gemini last weeke, place to Crypto.com today. Bad times for cryptocurrency employees!

The news was announced to the general public on Twitter by the CEO himself. Crypto.com will lay off 260 employeesor 5% of its workforce. Kris Marszalek – the CEO in question – deplored it, but justified it by the overall strategy of the company:

“Our approach is to stay focused on executing our roadmap and maximizing profitability as we go. (…) This therefore means taking the difficult and necessary decisions to ensure continuous and sustainable growth over the long term, by carrying out targeted reductions in the workforce. »

A Crypto.com spokesperson adds:

“I don’t know how long this crypto winter will last. Some people say 6 to 12 months. Others say 2 years. Unfortunately, these layoffs are just the tip of the iceberg. It’s easy to hire people when things are going well. But when all of a sudden the trend turns around, it’s more complicated. »

Crypto.com joins long list of crypto companies laying off

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Many platforms in the same abyss

It’s hard to blame the exchange for its salary policy, as the trend is found among many players in the ecosystem. The list companies that must lay off elongates day after day. Let’s recap what’s happened in the past few weeks:

  • BuenBit (Argentina) cut 45% of its workforce;
  • Gemini (USA) lays off 10% of its staff;
  • BlockFi (USA) removes 20%;
  • bitso (Mexico) lays off 80 people;
  • The 2TM group, parent company of Mercado Bitcoin (Brazil), dismisses 90 workers;
  • Coinbase (USA) freezes its hiring.

Don’t throw any more! The exchanges are on their knees! All ? Nope ! The only company that swims at against the current is Binance. Its CEO, Changpeng Zhaosaid recently at the Crypto Consensus Festival 2022 :

“We have a very healthy war chest. In fact, we are hiring right now. Binance doesn’t feel the need to downsize, as we haven’t spent a lot of money on expensive ads or partnerships. »

And a stone in the garden of Crypto.com by the way, seemingly nothing. Indeed, the company has sometimes been criticized for lavish spending in sports sponsorship or advertising. So, everyone has their own strategy! But in the end, it is unfortunately often the employees who are there adjustment variable companies and who pay a high price. Such is life in international finance.

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