Crypto.com announced on Friday that it would be laying off approximately 20% of its workforce, as cryptocurrency exchanges face industry-wide challenges as a result of FTX’s collapse last year. The announcement by the Singapore-based company comes amid widespread concerns about reserves and solvency, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced plans to lay off approximately 20% of their workforce. According to Reuters, Genesis has also cut jobs, accounting for 30% of its workforce. The layoffs at Crypto.com would be the company’s second in about six months, following job cuts in July last year to weather the macroeconomic downturn caused by rising interest rates.
