The Singapore-based Crypto exchange CryptoCom reduced workforce strength, to survive in the negative economic development.
CryptoCom is a popular Crypto exchange, headquartered in Singapore. To this date, this exchange holds a total of 70 million customers worldwide. In terms of 24 hours global Crypto trade volume on its platform, the exchange is standing at 17th rank.
Recently, the CryptoCom exchange slashed 20% of the working employees from the company. The exchange stated that all these employees were already notified by the company in advance.
In 2022, this exchange already slashed 250 jobs and a new layoff is showing that CryptoCom is taking steps carefully amid the ongoing downturn in the Crypto space.
Kris Marszalek, CEO & Co-founder of CryptoCom, said that the latest layoff decision was necessary for the exchange because of the ongoing global economic downfall & crypto winter season.
CryptoCom CEO also confirmed that the reduction of the employees was not based on their performance in the company.
Further CryptoCom officials said:
“We continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions to position the company for long-term success.”
Marszalek noted that the growth of the CryptoCom exchange was much similar to other companies in the starting of 2022 but the collapse of Terra (Luna) & the FTX exchange started to impact the business for most Crypto companies.
Recently popular Bitcoin & Crypto wallet service provider Blockchain.com also reduced its workforce by 28%. And before that Nasdaq listed American Crypto exchange Coinbase slashed 950 jobs from the company, to survive the Coinbase exchange in the bear market.
CRO price action
CRO is a native coin on the CryptoCom exchange. At the time of writing this article, the price of CRO is $0.06723 & this price is 12.40% high over the 7 days trade price.
Read also: Bitcoin Cash (BCH) surges 20%, Here is why?
CryptoCom reduces workforce by 20%
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