Crypto.com Lays Off 20% of Staff, CRO Token Price Responds Positively

• Crypto.com has announced layoffs of 20% of its staff due to negative economic developments.
• The news follows similar layoffs announced by Coinbase earlier this month.
• The Cronos (CRO) token price has responded positively to the news.

Crypto.com, a prominent cryptocurrency exchange, has today announced that it is laying off some of its staff in order to reduce its global workforce by 20%. The announcement was made by Crypto.com CEO Kris Marszalek, who cited poor market conditions and recent events in the industry as the reasons for the layoffs.

The news comes just days after Coinbase, another leading cryptocurrency exchange, announced similar layoffs. According to sources, Crypto.com has about 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees. The move by Crypto.com follows Huobi’s announcement of layoffs earlier this year and Coinbase’s announcement of layoffs a few days ago.

The laying off of workers sends mixed signals since the crypto market is currently on a recovery trajectory and investors are expecting some positive news. Despite the layoffs, the Crypto.com token (CRO) has responded positively to the news.

The CEO of Crypto.com, Marszalek, addressed the matter in a tweet post, saying: “We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”

The layoffs by Crypto.com are yet another reminder of the volatile nature of the cryptocurrency market. The layoffs are a necessary step for Crypto.com to cut costs and ensure its sustainability in the current market conditions. It remains to be seen if the layoffs will have any long-term negative effects on Crypto.com.

For now, the signs are positive and the Cronos (CRO) token price has responded positively to the news. It remains to be seen how the crypto market responds to the news of the layoffs in the coming weeks and months.