Home Markets Matt Damon Said ‘Fortune Favors the Brave’ in Super Bowl Announcement, Now Crypto.com Set for Major Layoffs

Matt Damon Said ‘Fortune Favors the Brave’ in Super Bowl Announcement, Now Crypto.com Set for Major Layoffs

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Matt Damon Said ‘Fortune Favors the Brave’ in Super Bowl Announcement, Now Crypto.com Set for Major Layoffs

Cryptocurrency exchange Crypto.com is laying off more employees during the current crypto bear market. Here is the last and the sequel.

What happened: After laying off 5% of its workforce in June, Crypto.com is now planning another round of job cuts, according to a report by Decrypt.

The report says the current layoffs are being kept quiet, but will be “significantly larger” than the 5% cut in June. Crypto.com previously told employees that the 5% job cuts in June would be the last.

“They lied,” a source told Decrypt. The source was identified as an anonymous management employee of Crypto.com. Decipher confirmed the layoffs along with several other sources.

A source told the crypto outlet that additional layoffs were communicated during an “all hands” quarterly call last Friday.

Crypto.com may not publicly announce the job cuts, according to the report.

“Management has expressed that they have no plans to go public, senior management is unlikely to make an announcement.”

A percentage of employees or a number could not be identified by the sources, but was said to be “much larger than the first”.

“The business is cutting to the bare minimum to survive the likely long bear market – internal initiatives are about trying to save every penny.”

While June’s job cuts were mostly focused on customer service and growth roles, the latest round of job cuts would be in more critical roles such as exchange, app and wallet. company.

“We announced reductions in June, and since then have optimized our workforce to align with current external economic headwinds,” a Crypto.com spokesperson told Decrypt.

Related link: How to Buy Crypto.com Coin CRO

Matt Damon to blame? : For some outside of the cryptocurrency world, Crypto.com might be best known for its business activities featuring actor Matt Damon highlighting how “fortune smiles on the brave”.

Crypto.com spent a reported $100 million for his ad campaign which saw Damon’s commercial do heavy rotation on television and be used elsewhere. The commercial also aired during Super Bowl LVI on NBC, a unit of Comcast Company CMCSA in February. Super Bowl commercials cost $6.5 million for a 30-second slot.

The 2022 Super Bowl was nicknamed by some like the Crypto Bowl, with a handful of cryptocurrency companies placing big bets on in-game advertisements and promotions around the big game.

Some have already started pointing out the similarities between the Crypto Bowl and the 2000 Super Bowl, dubbed the “Dot-Com Super Bowl.” The Crypto Bowl saw companies splash big on Super Bowl ads only to face job cuts and potentially fail to exist later on.

Many companies that advertised in the 2000 Super Bowl no longer exist, with some folding shortly after the big game. Internet companies counted for about 20% of commercials during the 2000 Super Bowl, with a cost of $2.2 million for a 30-second time slot.

Along with heavy advertising spending, Crypto.com has also placed big bets on sports-related sponsorships, a move that will likely be challenged with ongoing job cuts. The company signed a 20-year, $700 million deal OK for naming rights to Staples Center in California, home of the Los Angeles Lakers, Los Angeles Clippers, LA Kings and Los Angeles Sparks.

Crypto.com also has sponsorships with Formula 1 FWONAFWONKseveral football teams and a Coming against the 2022 World Cup in Qatar.

Why it matters: Crypto companies were among the sectors that cut jobs in 2022. With the price of Bitcoin BTC/USD and other falling cryptocurrencies, a winter crypto bear market is here with companies wondering how long this will last.

Coinbase global PIECE OF MONEY said in its second-quarter earnings release, it was an “all-weather business” primed for crypto price cycles. The company has focused on cost rationalization, including an 18% headcount reduction announced in June.

Like Crypto.com, Coinbase was a big spender during Super Bowl LVI with an ad that went viral and saw a strong influx of customer signups. Crypto.com saw its application after his commercial aired with Damon, but the question now will be whether the cost was worth it.

The job cuts at Crypto.com could indicate further pressure on cryptocurrency platforms with lower trading volume and lower prices for cryptocurrencies.

BTC Price Action: Bitcoin is trading at $23,397.76 on Wednesday, down from a 52-week range of $17,708.62 to $68,789.63.

Photo: Courtesy of

World Bank Photo Collection

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