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.

CryptoCom reduces workforce by 20% 1

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?



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