Crypto.com cuts 20% of workforce amid sector-wide layoffs

Quick Take

  • Crypto.com today announced a 20% reduction in the size of its global workforce. 
  • The news comes just a few days after Coinbase said it would reduce its headcount by the same percentage. 

Crypto.com, the Singapore-based crypto wallet and payments firm, is cutting around 20% of its global workforce. 

The company announced the news in a blog post published today. Kris Marszalek, the firm’s CEO, said in a statement that the decision was made to focus on “prudent financial management” and “to position the company for long-term success.”

These are the latest in a series of layoffs at Crypto.com that began last year. In July 2022, the firm announced that it had laid off 260 employees, or 5% of its workforce, but reports suggested the cuts ultimately exceeded that number. 

The news comes during a week in which Coinbase and Blockchain.com, two more giants of the crypto sector, also announced layoffs. Coinbase said on Jan. 10 that it would lay off around 950 staff, while Blockchain.com said it would shed around 110 employees. 

Crypto.com did not immediately respond to a request for comment. 


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About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.