More layoffs in the world of cryptocurrency. crypto.comthe company that offers one of the most popular cryptocurrency payment credit cards in the world means Ito lay off about 1,300 workers. The company has not announced it publicly, the number was reported by The Verge magazine, which it allegedly obtained from some internal Crypto.com sources interviewed on condition of anonymity.
It is one of the staff cuts more dramatic within the industry, and is emblematic in many ways. Just a few months ago, Crypto.com seemed like an unstoppable armor. The company continued to gain popularity and new customers, mainly thanks to the many benefits offered with its credit cards (including 100% cashback on Netflix and Spotify subscriptions).
Crypto.com recently struck a big deal with the Staples Center in Los Angeles: the house of the Lakers is now called Crypto.com Arena. Cost of the operation? 800 million dollars. It happened 9 months ago, today Crypto.com announces that it has to leave so many employees at home to fill five apartments. In June, it had already announced the layoff of 260 employees. At the time, he explained that it was about 5% of his total workforce, but what he didn’t specify was that this was just the beginning.
At a meeting with employees on August 10, the CEO of Crypto.com announced that no further layoffs are planned, but the exact number of employees who will stay at home will not be disclosed. “We are not a publicly traded company, we are under no obligation to disclose this number,” he added.
But the number reported by The Verge is eloquent. It means that Crypto.com is expecting the worst. The winter of cryptocurrencyas this moment of extreme difficulty for the industry is being called, it is already underway and could last for many months, perhaps years.
Source: Lega Nerd
