Massive Job Cut: Crypto.com lays off 20% of employees New blow To cryptocurrencies

Crypto.com is set to cut 20% of its workforce as cryptocurrency exchanges grapple with challenges brought on by the collapse of FTX last year. The Singapore-based firm’s announcement comes amid concerns about reserves and solvency across the industry and just days after rival exchanges Coinbase Global Inc and Huobi announced plans to lay off around 20% of their staff. A source told Reuters last week that Genesis had also cut jobs, representing 30% of its workforce.