The crypto industry continues to stagger under a massive wave of layoffs that have been occurring in recent times. Among the recent companies from the sector, Crypto.com has planned on axing 20% of its workforce.

The Singapore-based company, Crypto.com, has confirmed its decision via a blog post. According to Co-Founder and CEO Kris Marszalek, the platform must let go of 20% of its current employees.

Crypto.com has faced significant criticism after attempting to reassure investors that the crypto exchange is in good financial health and has nothing to worry about.

The reason for the layoffs is the current economic headwinds and industry situation. This will be the second major layoff carried out by the company. Crypto.com laid off nearly 260 employees in 2022, accounting for nearly 5% of its workforce.