Media: Crypto.com exchange cuts staff by 40%

Former and current employees of the company reported that the marketing division was the first to be downsized

09.10.2022 - 07:30

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2 min

What’s new? Cryptocurrency exchange Crypto.com laid off more than 2000 employees, cutting its staff by about 40%. This was reported by AdAge, citing sources inside the company. Former and current employees reported that the marketing division was the first to be cut. They noted that the creative department was completely disbanded a few months after its creation. At the same time in June, the head of the exchange Kris Marszalek announced the cut of only 260 employees, or 5% of the staff.

Information on the AdAge website

The Crypto.com situation. The press office refused to disclose the number of dismissed employees, but a company spokesman explained that this decision was made as part of a restructuring process aimed at “strengthening the position during a bear market cycle.” He noted that 60% of the laid-off employees were freelancers.

The company also terminated several deals aimed at increasing brand awareness. For example, the exchange refused to sponsor the UEFA Champions League, the Angel F.C. football team from Los Angeles, and the cyber sports league of the streaming service Twitch.

What is known about Crypto.com? It is a centralized crypto exchange (CEX) founded in 2016. The platform hosts 229 digital assets and 396 trading pairs. Daily trading volume, according to CoinGecko as of October 8 at 13:20 UTC, is $176,6 million. CRO's native token is trading at $0,107, down 0,3% overnight. The asset is ranked 29th in the cryptocurrency ranking with a capitalization of $2,7 billion.

In March, Crypto.com and FIFA signed a sponsorship agreement for the upcoming championship in Qatar. Under the terms of the agreement, the exchange's ads will appear on banners inside stadiums as well as outside football fields.

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