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Crypto.com Cuts 20% Jobs

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Crypto exchange Crypto.com has cut its workforce worldwide by 20 percent.

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It was announced on Friday as it battles the continuing economic headwinds and "unforeseeable" industry-related circumstances.

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This is the second major layoff at the Singapore-headquartered Crypto.com.

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This cut off 250 jobs in the middle of the year. However, the report indicated that more than 2,000 workers were let go or resigned at the company's discretion.

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The company has not yet revealed the roles removed in the latest round of layoffs.

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They blamed the failure of FTX, the company whose misappropriation of customers' funds and its bankruptcies "significantly affected confidence in the industry."

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“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry." 

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"That trajectory changed rapidly with a confluence of negative economic developments,” said Kris Marszalek, co-founder and CEO of Crypto.com.

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