Cryptocurrency exchange Crypto.com has made sizable efforts to downsize its workforce and brand partnerships during the bear market, reported Ad Age on Thursday.
The company has cut headcount by more than 2,000 – or 30%-40% of staff – since layoffs began last summer, according to the report, which cites multiple sources. Previous reporting had put the number closer to 1,000, and CEO Kris Marszalek in June said there had been job cuts of 260, or 5% of the workforce.
Additionally, Crypto.com’s ambitious marketing schemes and brand deals have suffered. In addition to walking back its $495 million UEFA Champion League sponsorship last month, the company has also retracted its sponsorship with Los Angeles-based soccer team Angel F.C., said Ad Age. It has also pulled back on its sponsorship deal with the esports league of streaming service Twitch.
Although the company is still planning to be the official sponsor of the 2022 FIFA World Cup, it has whittled down some of its hospitality...
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