This is the second major layoff at the Singapore-headquartered Crypto.com, which cut 250 jobs in mid-last year. The company did not say what roles were being eliminated in the new round of layoff but blamed the collapse of FTX, whose misappropriation of customers’ funds and bankruptcy “significantly damaged trust in the industry.”
As with firms in other industries, crypto companies are aggressively undertaking major decisions to survive the downturn in the broader market, which has reversed much of the gains from the 13-year bull run. Coinbase cut about 20% of its workforce earlier this week in its second round of major layoffs at the firm. Kraken said in November that it plans to lay off 1,100 people, or 30% of its workforce.