After the bankruptcy of cryptocurrency exchange FTX, the industry faced several challenges. Singapore-based platform called “Crypto” has decided to reduce its workforce. In the statement, it was stated that about 20 percent of the employees will be terminated.
The move comes amid concerns about reserves and solvency in the industry, and comes days after rival exchanges Coinbase and Huobi announced plans to lay off about 20 percent of their staff. Speaking to Reuters last week, a source said that Genesis would also reduce its workforce by 30 percent. The layoffs in Crypto will be the second step in this direction recently.
“While we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional cuts to position the company for long-term success,” said company CEO Kris Marszalek.
Source: https://www.ft.com/content/292a40d1-39c2-42bb-8b33-e0298c6f2338
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