The “trend of austerity” of significant cryptocurrency exchanges continues with the most recent identify of Crypto.com, the platform that emerged with enormous marketing bargains in 2021.
On June eleven, CEO Kris Marszalek of cryptocurrency exchange Crypto.com announced that he would be cutting five% of the company’s personnel, equivalent to 260 staff.
Mr. Marszalek’s motive is to “secure long-term growth” by delivering the roadmap and maximizing revenue.
This indicates creating tricky and required choices to make sure continued and sustainable development above the prolonged phrase via targeted reductions of around 260 or five% of our corporate workforce.
– Cri | Crypto.com (@kris) June 11, 2022
This is an particularly surprising improvement when Crypto.com in 2021 is a single of the most “expensive” exchanges for marketing routines, this kind of as:
– Signed a $ 175 million contract with the UFC
– Establish a $ a hundred million multinational marketing campaign “Fortune Favors the Brave” with the visual appeal of actor Matt Damon
– Spent a whopping $ 700 million to obtain the rights to the identify of the Staple Center stadium in Los Angeles
– Spend $ 216 million to buy two US derivatives exchanges
– Post American Super Bowl announcements and several other sports activities provides.
Crypto.com has also lately obtained criticism from consumers for cutting rewards for specified solutions, plunging the selling price of CRO tokens.
Crypto.com is also joining the ranks of cryptocurrency exchanges that have out of the blue minimize their personnel to put together for the “crypto winter”, this kind of as Coinbase, Gemini, BitMEX, Rain Financial, and so on. DeFi platforms provide new proposed options to promote assets in buy to have additional revenue to put together for the upcoming tricky days.
Meanwhile, the two top platforms, Binance and FTX, nevertheless declare to stick with the recruiting and growth approach.
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