In less than a year, the cryptocurrency exchange Crypto.com has become an international well-known by virtue of its strong marketing methods and “money ability”. ‘s enterprise. However, facing the threat of a wildfire-like bear market, Crypto.com is quietly reducing its investment in brand promotion, layoffs are even more fierce, and the former style seems to be gone.
Crypto.com has cut more than 2,000 employees, or about 30% to 40% of its workforce, since layoffs began last summer, U.S. advertising magazine Ad Age reported, citing multiple sources.
Earlier reports indicated that Crypto.com is laying off nearly 1,000 jobs, and CEO Kris Marszalek in June this year expected only 260 layoffs, accounting for 5% of the entire workforce.
In addition, Crypto.com’s ambitious marketing and branding plans have been affected.
In addition to withdrawing its $495 million sponsorship of the UEFA Champions League last month, Crypto.com also withdrew its sponsorship of Los Angeles soccer team Angel City FC and its partnership with esports event Twitch, Ad Age noted. Rivals sponsorship agreement.
While Crypto.com will continue to sponsor the 2022 FIFA World Cup, the company has cut some promotional packages, the report said.
A Crypto.com spokesperson declined to disclose the exact number of layoffs, but said:
As disclosed in June, Crypto.com underwent a restructuring process that ended in July in order to strengthen our position in a bearish market environment… As part of the restructuring, we have made very difficult decisions , that is, targeted layoffs.
