Fall of Bitcoin: Crypto.com forced to separate from its employees

¡ Hasta la vista, crypto employees! – Weeks go by and look alike. Falling markets, anxiety-provoking speeches and announcements of layoffs. Most of the large companies in the industry have suffered from the recent price drop and have decided to part ways with their staff. After Gemini last weekand, placed a 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 quit 260 employeesor 5% of its workforce. Kris Marszalek – the CEO in question – deplored this, but justified it with 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 making the difficult and necessary decisions to ensure continuous and sustainable growth over the long term, by implementing targeted reductions in the workforce. “

A spokesperson for Crypto.com 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 the trend suddenly reverses, it’s more complicated. “

Crypto.com joins the long list of licensing cryptocurrency companies

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Many platforms in the same abyss

It is difficult to blame the exchange for its wage policy, as the trend is seen among many players in the ecosystem. The list companies that have to lay off it stretches day after day. Let’s recap what happened in the last few weeks:

  • Good Bit (Argentina) cut 45% of its workforce;
  • Twins (USA) dismisses 10% of staff;
  • BlockFi (USA) removes 20%;
  • bitso (Mexico) fires 80 people;
  • The 2TM group, parent company of Mercado Bitcoin (Brazil), fires 90 workers;
  • Coinbase (USA) blocks hiring.

Do not throw anymore! Exchanges are on their knees! All ? No ! The only company he swims to counter-current is Binance. Its CEO, Changpeng Zhaohe recently stated at the Crypto Consensus Festival 2022 :

“We have a very healthy war chest. In fact, we’re hiring right now. Binance doesn’t feel the need to scale, 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, apparently nothing. Indeed, the company has sometimes been criticized for lavish spending sports sponsorship or advertising. So, everyone has their own strategy! But in the end, unfortunately it is often the employees who are there adjustment variable companies and who pay dearly. Such is life in international finance.

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