Cryptocurrency platform Crypto.com has reduced its global workforce by 20%, according to CEO Kris. The company is consolidating after the collapse of FTX and aggressive activities amid Bitcoin and cryptocurrency all-time highs. The move is not unique to Crypto.com, and exchanges such as Kraken, SwiftX and Huobi, have all recently engaged in staff reductions. Despite this, the news that Crypto.com partnered with Coca-Cola for the World Cup NFTs has boosted the price of Cro token, which is currently up 17% this week. Crypto.com also announced a partnership with the Extraordinary Whales Club, aimed at raising awareness and support for autism.
Crypto.com announces 20% reduction in global workforce
Crypto.com CEO, Chris, recently announced that the cryptocurrency platform would be cutting its global workforce by 20%. The announcement was made on Twitter, where Chris stated that the decision was necessary for the company’s wellbeing, considering market conditions and recent industry events. While this news might seem concerning, layoffs have hit the industry hard, with several exchanges having to make workers redundant. Kraken, Swift X, Huobi, and Coinbase, among others, have all made cuts in the last month. Therefore, Crypto.com’s decision to reduce its workforce could be viewed as a consolidation strategy rather than a cause for concern.
Cro Token rises by 17%
Despite the job cuts, the Crypto.com (CRO) token has seen its price rise by over 17% this week. The company’s partnership with Coca-Cola to launch World Cup NFTs could be a contributing factor to the bullish price action. Crypto.com is also partnering with many other NFT projects, with extraordinary whale club being the most recent. The project utilizes NFT technology themed in the form of whales to improve awareness and support of those around the world with autism. These NFTs will be made available for purchase on Crypto.com’s marketplace as part of the mou sign with a story and AMC.
Opportunity on the Kronos chain
The total value locked (TVL) in the Kronos chain exceeds $350 million, a not-so-bad figure when compared to Ethereum’s $25 billion TVL. While Ethereum owns a significant share of the TVL, nearly 60% of the total, Kronos could be an incredible opportunity considering its potential to grow. Finding new cryptocurrencies before anyone else or undervalued gems is where the money can be made in crypto. Kronos is currently outpacing Solana in DeFi and ranks behind only Phantom, Optimism, and Avalanche.
Crypto.com’s NFT marketplace
Crypto.com has its NFT marketplace, which has major brands like the Philadelphia 76ers, Aston Martin, Coca-Cola, and the UFC. The top drops and top collections on the platform are worth checking out, and it’s super easy to sign up or sign in and start collecting and trading NFTs. The company has visa metal debit cards where users can earn up to 5% cashback on spending, Crypto.com pay, Crypto.com earn, and DeFi. Crypto.com also has its own Exchange, making it a one-stop-shop for all crypto needs.
In conclusion, Crypto.com remains one of the leading cryptocurrency platforms, trusted by over 70 million customers worldwide. Despite the announced job cuts, the company’s CRO token continues to make waves, leading the way among the lower cryptocurrencies. Crypto.com is continually developing new partnerships with leading brands in various industries, demonstrating its growth and potential to succeed in the crypto industry.