Crypto.com layoffs — Aug 16, 2022

Crypto.com cuts 260 jobs in August 2022 layoff round as market pressures continue

Crypto.com, the cryptocurrency exchange, cut 260 jobs on August 16, 2022, according to reports citing the company’s second round of layoffs that month. Decrypt reported that the August reductions were larger than the cuts made in June, though the company did not disclose a percentage of its workforce affected.

The layoffs were described as part of broader market-driven cost cutting. The reporting did not provide a detailed breakdown of which teams were affected, and no additional headcount figures beyond the 260 job cuts were disclosed in the source material.

Crypto.com operates as a cryptocurrency exchange and trading platform. Like other firms in the digital asset sector, it had been adjusting staffing levels during a period of weaker market conditions in 2022. The company’s August action followed an earlier round of layoffs in June, indicating continued efforts to reduce expenses.

No forward-looking guidance or additional comments from company officials were included in the source text. The reports indicate the cuts were tied to market conditions, but did not specify whether further layoffs were planned.

Sources: Google News