Crypto.com to cut 20 percent jobs as industry rout deepens after FTX collapse

Crypto.com said it would be reducing about 20 percent of its workforce, as cryptocurrency exchanges face industry-wide challenges brought on by the collapse of FTX last year.

The Singapore-based company’s announcement comes amid concerns about reserves and solvency across the sector, and only a few days after rival exchanges Coinbase Global Inc and Huobi announced their plans to lay off about 20 percent of their staff. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30 percent of its workforce.

The layoffs at Crypto.com would be its second in about six months, after it reduced jobs in July last year to weather the macroeconomic downturn amid rising interest rates.