Crypto.com, BlockFi plan to lay off employees as market downturn intensifies

Crypto.com (CRO-USD) and BlockFi are the latest crypto-focused firms to consider reducing headcount as the market rout deepens. Decentralized crypto exchange Crypto.com (CRO-USD) is expecting to lay off 260 employees, or 5% of its workforce, CEO Kris Marszalek wrote in a Twitter post on June 10. "Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so ... That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term." And crypto lending platform BlockFi is planning to slash its workforce by around 20%, CEO Zac Prince tweeted Monday. The firms are joining a slew of crypto firms that have made efforts to reduce costs by laying off staff. In the beginning of June, centralized crypto exchange Coinbase Global (COIN) had extended its hiring pause amid turbulent market conditions. Likewise, Winklevoss-led Gemini cut 10% of its headcount. In the