Crypto.com lays off 260 employees due to cryptocurrency downturn

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One of the largest crypto exchanges Crypto.com fires 5% staff, citing the difficult decision to "ensure the company's continued and sustainable growth over the long term."

Crypto.com is laying off 260 workers as the cryptocurrency markets continue to decline, CEO Kris Marszalek said on Twitter:

“We continue to assess the situation toto better optimize our resources and further position ourselves as one of the strongest market players during the current downturn. We are focused on the upcoming rise of the cryptocurrency market.”

Currently Crypto.com is the 14th largest crypto exchange in the world with daily trading volume of approximately $1.5 billion. The company previously spent about $700 million to become the exclusive sponsor of the 2020 FIFA World Cup, and also paid $100 million to have actor Matt Dillon star in a commercial that aired during the Superbowl.

Some laid off employees sayMarshalek, have worked for the company since 2016. However, according to the CEO, the strategy now is to focus on optimizing profits.

Twitter users responded by noting thatIf the company didn't spend a lot of money on marketing, it wouldn't have to fire anyone. Some even advised Marszalek to reduce his salary, but not to lay off employees.

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The company previously hired Kwon Park, a former head of the Bittrex cryptocurrency exchange, to maintain business ties during the downturn in the cryptocurrency market.