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 dismissed. Most of the large companies in the sector are affected by the recent fall in prices and the decision to part ways 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 be fired 260 employeesi.e. 5% of its workforce. Kris Marszalek – the CEO in question – lamented it, but justified it by the company’s overall strategy:

“Our approach is to stay focused on executing our roadmap and maximizing profitability as we go. (…) This therefore means making 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 licensees 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 lie down day after day. Let’s recap what’s happened in the past few weeks:

  • BuenBit (Argentina) cut 45% of its workforce;
  • Gemini (USA) licenses 10% of its staff;
  • BlockFi (USA) with a reduction of 20%;
  • bitso (Mexico) license 80 people;
  • The 2TM group, parent company of Market Bitcoin (Brazil), license 90 workers;
  • Coinbase (United States) freezes its hiring.

Don’t throw any more! The exchanges are on their knees! Ours ? Nope ! The only company that swims at against the current is Binance. Son CEO, Changpeng Zhaosaid so 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 ads or partnerships. »

And a stone in the garden of Crypto.com by the way, seemingly nothing. Indeed, the company has occasionally been exposed for its 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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