to Lay Off 260 Employees as Market Condition Worsens to Lay Off 260 Employees as Market Condition Worsens

by June 14, 2022 will lay off 5% of its workforce (approximately 260 of its employees) citing the market downturn as a reason.

Kris Marszalek, CEO of took to Twitter to address the rumours about the layoffs saying the firm had to make “difficult and necessary decisions to ensure continued and sustainable growth for the long term”.

Kris Marszalek

Kris Marszalek

“Some of you have been with us since 2016/2017 and have seen us building steadily, with conviction throughout the 2018/2019 winter.


That conviction, that focus on building throughout the bear market (in spite of crypto naysayers being out in full force) was what made us one of the fastest growing companies in 2021, reaching 50m users milestone.”

he tweeted.

Kris added that will stay focused on its roadmap and will continue “optimising for profitability” moving forward.

He went on to say that will continue to evaluate the best ways to optimise its resources “to become the biggest winners during the next bull run”. is not alone in its decision to reduce its headcount as other crypto exchanges made similar announcements in recent times.

Earlier this month, Coinbase announced that it will impose a hiring freeze and even rescinded accepted offers. The crypto exchange attempted to reduce the backlash by setting up a talent hub to aid those who were affected by this.

Meanwhile, BlockFi said in a blog post today that it will terminate 20% of its employees due to the shifting macroeconomic environment which “sparked a dramatic pull back in equity and crypto markets”.