Crypto. Com bear market self rescue: layoffs of 5%, NFT Department restructuring

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Original author: Michael Bodley, blockworks
Compiled by: Yu shunsui, daily planet daily

Crypto. Com bear market self rescue Road: layoffs of 5%, NFT Department restructuring

Summary:

Crypto Com recently announced that it will cut 5% of its workforce.
The NFT platform is crypto COM is one of the fastest growing businesses this year. However, it faces fierce competition from industry giants such as opensea.

Crypto. Kris Marszalek, CEO of crypto.com, said on twitter recently that crypto Com will cut 260 jobs, accounting for 5% of the company's total employees. Marszalek said that layoffs were "difficult and necessary" decisions aimed at "ensuring long-term sustainable growth".



According to two people familiar with the matter, crypto COM, has parted ways with the head of its emerging NFT business.

It is reported that Joe Conyers IIII joined crypto Com to help it build an NFT platform. Sources said that Conyers (based in New York) left the Singapore based company during the restructuring of the Department last week.

Crypto. A spokesman for Conyers. Com declined to comment on the reasons behind Conyers and the restructuring, but said the NFT department was "one of the top priority departments" of the company.

Conyers is a serial entrepreneur and venture capitalist who has previously worked in technology companies and the music industry. It is not clear what his future plans are.

A source said, "he is a huge loss." The source pointed out that crypto Com the NFT Department chose reorganization rather than layoffs to improve efficiency.

Crypto. Com NFT platform competes with the new products of existing industry giant opensea and competitor coinbase. The platform allows digital collectors to forge and trade NFTs. Crypto. Com makes money by taking a percentage from the proceeds of transactions.

Crypto. Com's attention to this new Department coincides with crypto COM and other exchanges increasingly hope to diversify their income sources, and no longer only extract part of the income from the price difference between buyers and sellers as a market maker in the past.

With the deep-seated traders carefully analyzing the consequences of the collapse of the stable currency ust and the possible bankruptcy of the crypto lending platform Celsius, the once stable cash flow of the exchange has decreased sharply. Several exchanges are taking measures to help themselves.

It is reported that the recent sharp fall in cryptocurrency prices has led to layoffs in major cryptocurrency exchanges, including coinbase, Gemini, bitmex, buenbit and bitso. Coinbase announced about 18% layoffs to reduce management costs and improve efficiency. According to beincrypto, faryar shirzad, chief policy officer of coinbase, admitted that coinbase may further lay off staff at some time in the future.

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