There will be layoffs at another exchange.
There will be 260 layoffs at the Singapore-based exchange according to Kris Marszalek.
"Our approach is to stay focused on executing against our plan and maximize profitability as we do so," Marszalek wrote.
It means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce. The CEO didn't say when the layoffs would happen.
—Kris | Crypto.com (@kris) June 11, 2022
According to Marszalek's announcement, Crypto.com will be cutting jobs or withdrawing job offers.
On June 2, the company said it will stop hiring. The company said it was cutting 10% of its workforce.
As investors poured money into the token, the market had a great year. The value of the market hit $3 trillion in November.
The presence of the website was pushed hard. A year ago, it spent more than $100 million on an advertising campaign, and paid $700 million to have the arena in Los Angeles renamed after it.
With central banks trying to temper inflation by increasing interest rates, investors are pulling their money out of Cryptocurrencies. The largest token in circulation is at its lowest in 18 months, according to a report.
Non professional traders held back on trading on the exchanges as a result of the slump. Exchanges make a lot of money from trading fees.
Insider's request for comments was not responded to by the site.
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