Partnered With:

Crypto.com bear market self-help road: 5% layoffs, reorganization of NFT department

Read this article in 5 Minutes

Marszalek called the layoffs a "difficult and necessary" decision to "ensure long-term sustainable growth."

Original title: "Crypto.com bear market self-help road: 5% layoffs, NFT department reorganization"

Original author: Michael Bodley, Blockworks

Original compilation: Yu Shunsui, Odaily Planet Daily

Summary:

- Due to the continued downturn in the market, Crypto.com recently announced that it will lay off staff ;5%.

- The NFT platform is one of the fastest growing businesses at Crypto.com this year. However, it faces stiff competition from industry giants such as OpenSea.

- Crypto.com CEO Kris Marszalek recently tweeted that due to the continued downturn in the market, Crypto.com will lay off 260 people, accounting for the company's total workforce 5%. Marszalek called the layoffs a "difficult and necessary" decision to "ensure long-term sustainable growth."

Crypto.com bear market self-help road: 5% layoffs, NFT department reorganization

Crypto.com, a cryptocurrency trading platform that has just undergone a round of mass layoffs, has taken charge of its nascent NFT business, according to two people familiar with the matter. People parted ways.

It is reported that Joe Conyers IIII joined Crypto.com in March 2021 to help it build the NFT platform. Conyers, who is based in New York, left the Singapore-based company last week as part of the division's restructuring process, the sources said.

A Crypto.com spokesperson declined to comment on Conyers and the rationale behind the reorganization, but said the NFT division is "one of the highest priorities" for the company.

Conyers is a serial entrepreneur and venture capitalist who previously worked in technology companies and the music industry. It's unclear what his future plans are.

A source said, "His (leaving) is a huge loss." The source pointed out that the Crypto.com NFT department chose to restructure rather than lay off staff, It is to improve efficiency.

The Crypto.com NFT platform competes with incumbent industry giant OpenSea, rival Coinbase's new offering. The platform allows digital collectible enthusiasts to mint and trade NFTs. Crypto.com makes money by taking a cut of transaction proceeds.

Crypto.com The emphasis on this new division comes at a time when Crypto.com and other trading platforms are increasingly looking to diversify their revenue streams. Then just take part of the profit from the price difference between buyers and sellers as a market maker in the past.

As deep-pocketed traders dissect the fallout from the collapse of stablecoin UST and the possible bankruptcy of crypto lending platform Celsius The once steady cash flow has dwindled dramatically. Several trading platforms are taking steps to save themselves.

It is reported that the recent plunge in cryptocurrency prices has triggered layoffs at major cryptocurrency trading platforms, including Coinbase, Gemini, BitMEX, Buenbit and Bitso. Among them Coinbase announced about 18% layoffs in order to reduce management costs and improve efficiency. According to BeInCrypto, Coinbase Chief Policy Officer Faryar Shirzad admitted that at some point in the future, Coinbase may further lay off staff.