At Crypto.com, Hundreds Of Positions Were Quietly Cut

The cryptocurrency industry claims it wants to transform traditional banking and its practices, but it has not yet addressed transparency, one of its primary issues in the past.

And one of the key players in the cryptocurrency market has just openly shown that transparency is necessary for the industry to gain the confidence of investors and the general public.
After the decline in the price of bitcoin, Crypto.com said in June that it would cut 260 jobs, or 5% of its workforce, in an effort to reduce costs.

Since hitting a top of $3 trillion in November of the year prior, when investors were experiencing a cryptomania, the cryptocurrency market had lost more than $2 trillion at the moment.
“That means making difficult and essential decisions to ensure sustained and sustainable growth for the long term by making targeted reductions of roughly 260 or 5% of our corporate workforce,” Crypto.com CEO Kris Marszalek tweeted on June 10.

All cryptocurrency businesses were laying off employees in order to adapt to the changing business climate. With the exception of Binance.com, almost all platforms were cutting back on hiring, retracting job offers that had already been made to candidates, and stopping all new hires.

The so-called “crypto winter,” a period of continuously decreasing digital-currency prices and a liquidity issue that plagued well-known crypto lenders, had endured until recently, when prices started to normalize.

By the time, the platforms appeared to be completely cleaned.
But now we learn that Matt Damon, the most well-known advocate for Crypto.com, has quietly cut hundreds more positions.

According to Decrypt and The Verge, the website has since cut almost 1,000 more roles. According to The Verge, which got a recording of the conference, Marszalek allegedly announced more job cuts on August 10 but withheld the exact number.
One can only assume about the scale of this wave of layoffs due to the lack of internal transparency since we’ve increased our employees by around 50% since 2021, and nearly all of them were employed to support expansion. According to a source who spoke to The Verge, it now seems that these additional 1,300 staff are viewed as costs that need be reduced in order to keep the business afloat.
The business is “cutting back to the very bare minimum to survive the projected protracted bear market,” according to a source, and internal operations center on trying to preserve every penny.
Our financial position is solid.

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Crypto.com has been pushing the usage of cryptocurrency by the general public with substantial TV and social media marketing campaigns starring Damon.

Prior to the layoffs, about 45% of the personnel at Crypto.com had been employed between 2020 and 2022.

Although Crypto.com recognized that business was still shrinking, it withheld a specific figure. The company argued that by keeping quiet about how many employees would be laid off, it was not revealing its financial situation. Crypto.com claims that the company’s finances are sound. A spokesperson for Crypto.com reportedly said in a recent report, “We announced reductions in June and since that time we have optimized our team to coincide with current external economic issues.”

The statement went on to say, “In the future, we will keep investing in product, engineering, and brand connections because our balance sheet is strong.

The Singapore-based company Crypto.com, which has 50 million members, is immune from disclosure requirements because it is not a publicly traded company.

Questions regarding the firm’s financial health have been raised in light of the circumstances surrounding its establishment in 2016. The recent filings for Chapter 11 bankruptcy protection by major bitcoin lenders Voyager Digital and Celsius Network serve as a reminder of how important this is.

Ex- and present workers of Crypto.com have questioned the reviews published on Glassdoor.com for being opaque.

A “current” worker posted about “Lack of Transparency and Job Stability” on July 10. Although it was made public that 260 employees will be let go, the company is hiding the fact that they actually let more than 1,000 people go.
“Since they removed the business directory, we are unable to track the numbers’ fall. Because management has kept quiet about the issue, everyone is concerned that their position would be the next to be eliminated. The employee continued, “It’s not good for morale when one-third of the participants on your next meeting’s invitation list have disabled accounts.

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