Crypto.com, one of the largest cryptocurrency exchanges globally has reduced its workforce by more than 2,000 staff, about 30- 40% of its total workforce since around June 2022.
This information contradicts earlier reports which said the company had cut about 1,000 employees while other reports said they had let go of 260 employees, just about 5% of the total workforce.
https://t.co/Ti3Lx1VXP1 cuts over 40% of staff and pulls out of major marketing deals as crypto winter bites
Major sports deals let go of in recent months include:
* UEFA Champions League
* Los Angeles Soccer Team Angels FC
* E-Sports League on Twitch pic.twitter.com/D50BX5K2rk— BitKE (@BitcoinKE) October 22, 2022
The report cites multiple sources within the organization.
The company is also scaling down some of its marketing deals including a $495 million UEFA Champions League sponsorship.
Major sports deals let go of in recent months include:
- UEFA Champions League
- Los Angeles Soccer Team Angels FC
- E-Sports League on Twitch
Crypto. com is still planning to sponsor the upcoming FIFA World Cup in December 2022, even though the adAge report says the crypto company has also made cuts on its hospitality packages for the major tournament.
Speaking to adAge, a crypto.com representative said that majority of the job cuts came from the non-corporate, back office, and support services:
As disclosed in June 2022, Crypto.com underwent a restructuring process that concluded in July 2022 to strengthen our position amidst the backdrop of a bear market climate … As part of that restructuring, we made the difficult decision to conduct targeted job reductions, 60% of those roles came from non-corporate, back office and support services tied to trade volumes.
Crypto.com has in the past invested in big sponsorship deals with strong franchises and individuals including an ongoing sponsorship deal with the mixed martial arts organization, UFC.
Other deals include Formula One and the Italian Soccer Cup Final in 2021.
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