Crypto.com lays off 20% of workforce after FTX collapse blunted ambitious growth
Publishing timestamp: 2023-01-13 14:56:17
Summary
Crypto.com announced that it is laying off 20% of its workforce due to the collapse of FTX and its focus on financial prudence. CEO Kris Marszalek said that the company had grown "ambitiously" but was unable to withstand the collapse of Sam Bankman-Fried's crypto empire. The company had previously signed a $700 million naming deal for the former Staples Center in Los Angeles.
Sentiment: NEGATIVE
Tickers: FTT.CM=,
Keywords: investment strategy, internet, cryptocurrency, singapore, cryptocurrency exchanges, layoffs, business news, technology, sam bankman-fried, ftx token/usd coin metrics,
Source: https://www.cnbc.com/2023/01/13/cryptocom-lays-off-20percent-of-workforce-after-ftx-collapse.html