Crypto.com is laying off 260 people. That represents 5% of its corporate workforce.
Crypto.com CEO Kris Marszalek said in a tweet that the downturn of the markets is the cause of the layoff.
In a Twitter thread, Marszalek described the layoffs as a “difficult and necessary” decision to “ensure continued and sustainable growth for the long term.”
On Monday morning, Crypto.com was the 14th largest cryptocurrency exchange by spot volume, having done $1.3 billion in trading volume over the past day.
As of Monday morning, Bitcoin was trading at around $23,500, down 65% from the all-time high of $68,789.63 it set in November 2021.
The total market capitalization of all cryptocurrencies has now slipped below $1 trillion to $983 billion, down from $3 trillion in November, according to CoinMarketCap.
In a earlier but similar development, Gemini laid off 10% of its staff and Coinbase first implemented a hiring freeze and then rescinded recently extended job offers.
In Latin America, Bitso, Mexico’s largest crypto exchange, laid off 10% of its staff. And in Argentina, crypto exchange Buenbit has laid off 45% of its employees.