Crypto winter: to lay off 20% of its staff
Crypto winter

Crypto winter : to lay off 20% of its staff

The Singaporean exchange is again reducing its workforce to cope with current market conditions. had already made layoffs last summer.

This Friday, Kris Marszalek, the boss and co-founder of, announced that his company had taken the decision to reduce its teams by 20%.

“All affected staff have already been notified. These cuts were in no way performance-related,” the executive wrote in a blog post.

Marszalek justified his decision by recent “unpredictable events” in the industry, including the bankruptcy of rival FTX. The company had already made an initial round of layoffs in the summer of 2022.

The cuts we made last July allowed us to deal with the macroeconomic downturn, but it didn’t take into account the recent collapse of FTX, which significantly damaged confidence in the industry.

It is for this reason that, while we continue to focus on prudent financial management, we have made the difficult but necessary decision to make additional cuts in order to position the company for long-term success,” explained the CEO.

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