Crypto.com co-founder and CEO Kris Marszalek announced a new wave of layoffs that will reduce his global workforce by another 20%, citing poor market conditions and "recent industry events."
"Today we made the difficult decision to reduce our global workforce by approximately 20%," Marszalek saying in a company update on January 13.
As I shared with the team today, while we continue to perform well, market conditions and recent industry events have made this the right move for the company at this time.
โ Chris | Crypto.com (@kris) January 13, 2023
"All affected staff have already been notified. These reductions were not performance related in any way, and we extend our deepest gratitude for all their contributions to Crypto.com."
Marszalek said several factors played into his decision, including "ongoing economic headwinds and unforeseeable industrial events."
"We grew ambitiously in early 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory quickly changed with a confluence of negative economic developments."
This is a developing story, and more information will be added as it becomes available.