Home Technology Second Round of Layoffs for Crypto.com, “Much Bigger” Than Last Time

Second Round of Layoffs for Crypto.com, “Much Bigger” Than Last Time

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Second Round of Layoffs for Crypto.com, “Much Bigger” Than Last Time

Crypto.com suffered a second round of layoffs amid a bear market, according to cryptocurrency news site Decrypt. Several employees at Crypto.com says Decrypt that this second round of layoffs was “much larger” than the first the company announced in June when it laid off 260 employees, or 5% of its workforce at the time.

The employees were would have been informed about Additional series of job cuts last week, but there were no public announcements regarding layoffs from Crypto.com, which won the 2022 Sports Breakthrough of the Year Award in May at the SBJ Sports Business Awards. The company’s sports sponsorship splashes include its $700 million naming rights deal for Crypto.com Arena (Previously the Staples Center), as well as discusses the football World Cup, cfu, Philadelphia 76ers, Los Angeles Kings, Angel City F.C.the F1 Miami Grand Prix and NBA stars LeBron James and Joel Embiid.

“Management has expressed that it does not intend to make public. It is unlikely that senior management do an announcement because after the June layoffs they said everyone’s job was safe and there would be no more layoffs,” a source who works at Crypto.com told Decrypt. “The business is cutting to the bare minimum to survive the likely long bear market – internal initiatives are about trying to save every penny.”

Decipher reports that the last series of cuts impacted people working on Crypto.com products such as its cryptocurrency trading exchange, mobile application, and digital wallet; while the June cuts targeted employees in customer service and growth role. Before the two rounds of layoffs, about 45% of Crypto.com’s staff were hired between 2021 and 2022.

“Our management team has been planning for this bear market for a long time,” Crypto.com’s North America sponsorship manager Preston Peters said SportTechie in May. “This is the time when we can build and focus on our product and continue to grow our community. Were excited by the challenge. And were is not going anywhere.

In other news, Crypto.com this week received regulatory approval for its UK launch and Canadawhere it will be the first crypto company to function under the rules of the Ontario Securities Commission. Rival crypto exchange Coinbase laid off 18% of its workforce in June as the NFT market OpenSea announced the layoff of 20% of its staff last month. A self-declared current employee at Crypto.com wrote a message July 10 on employer review site Glassdoor which credits more than 1,000 employees with laying off Crypto.com.

“The company is hiding the fact that it has laid off over 1,000 employees even though it has officially announced the layoff of 260,” the post read. They havee deleted the company directory so that we box’you see the numbers go down. The management kept silent about publish and everyone is terrified that their job will be next. This’s not good for morale to see that 1/3 of the invite list to your next meeting are deactivated accounts.

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