• Crypto.com is laying off 20% of its global workforce due to negative economic developments in the industry.
• This news comes shortly after Coinbase’s recent layoffs and the CRO token price responded positively.
• Other crypto firms such as Huobi and Coinbase have also announced mass layoffs this year.

Crypto.com has announced that they are reducing their global workforce by 20%, citing recent negative economic developments in the industry. This comes shortly after Coinbase announced similar layoffs.

The news was made public by Crypto.com co-founder and CEO, Kris Marszalek, who expressed that the decision to layoff staff was difficult. He wrote in a tweet: „Today we made the difficult decision to reduce our global workforce by approximately 20%.“

It is estimated that Crypto.com currently employs between 3500 and 4500 staff, meaning the layoffs will affect around 700 to 900 people. The CRO token price responded positively to the news, showing that investors are taking the news in stride.

Crypto.com is not the only crypto firm to announce layoffs this year. Huobi announced layoffs at the start of the year while Coinbase also announced layoffs a few days ago. This has caused some confusion in the market as the crypto sector is currently on a recovery trajectory and investors are expecting positive results.

Despite the layoffs, Crypto.com is still looking to expand its services. In a blog post, Marszalek wrote: “We are still investing heavily in our product and engineering teams and have recently launched support for 60 new countries. We are also continuing to hire for key roles across the company.”

It is not yet clear what the effects of the layoffs will be. It is likely that some of the affected employees will seek employment elsewhere in the crypto sector. For now, investors seem to be taking the news in stride and the CRO token price remains stable. It remains to be seen how the crypto sector will respond in the long run.