🚑 Crypto.gone

Crypto.com. Is it a website or a cryptocurrency token? Well both, confusingly. And confusion is the current currency of the crypto world. So let’s stop being cryptic and get to the point. A lot of people were just made redundant.

• Crypto.com is an exchange registered in Singapore. They offer an app, NFT marketplace and credit card.
• They also have a DeFi wallet that runs on the Cronos blockchain and provides access to a number of decentralised services.
• Last May they were expanding at speed, with more than 50 million users and 4000 employees.
• However, the summer crash started a trickle that soon became a downpour.
• In June they made “targeted reductions” of ~5% of their employees, but rumours soon surfaced that they were quietly letting go hundreds more.
• According to some they had nearly halved the workforce by October. And then came FTX.
• Last weekend, co-founder and CEO Kris Marszalek announced that they would be shedding a further 20% of their workforce.
• In a company blog he stated that “ongoing economic headwinds and unforeseeable industry events” had led to a “necessary decision to make additional reductions“.
• Despite this, the native token Cronos ($CRO) rose in price with the rest of the market, and is up 20% from the blog post date.
• Data from Defi Llama shows that Total Value Locked has also risen by about 20% over the last three weeks.