Crypto.com LAYOFFS Executive Vice President and 5% of Workforce!
I want us to digest something a little bit different that we normally talk about, and that is how this bear market. This downtrend low prices is affecting the older side of the spectrum when it comes to cryptocurrency now, oscar what other side youre faring. Well, our site usually comes with. We buy the crypto, we store the crypto, we stake the crypto and we go with the market prices up and downs. We celebrate and we in a little bit. We get sad when theyre down, but the other side means the ones that are actually working for these companies, the employees and the employers. And if you havent, looked at the news lately, coinbase gemini and of course, crypto.com on june 10th about a week ago. They are, actually, you know, noticing the public that theyre laying off people and, of course, that is really sad news when anything layoffs. Of course, that is not happy news and it thats all coming because of what the market is going through right now, a lot of shaking really tough situation for the market, not only for stocks but of course, for crypto, and the latest news right now, just coming Out from block words is that krypto.com parts ways with the head of its nft business – and this is this guy, so not only the nft uh guy, who was you know, laid off just couple hours ago, probably, but about five percent of crypto.com workforce, which is roughly 270 staffers, so by the end of this video youll learn more about this subject.
Then, if you like this, go ahead and smash the like button, consider subscribing everybody and turn on those notification bells, so you never miss an update about crypto and the market because theres always something to talk about that. We can learn from, and i love that so my name is oscar ramos. Welcome back so when we click here, everybody were going to be seeing this and well the head of the nft, which is, of course this guy former head of the nft side of the business joy. Okay, not bad at all joe thats cool. This person helped the exchange to get first nfd non fungible tokens platform off the ground when he joined last year. So just take a look at how long hes been working for the business, not really that long, not even two years right. According to this article and well, he helped doing something, but there i mean there. It is its gone note that krypto.com has been late enough. Lately we can take a look at here on june 10.. We got this article from block words as well, where crypto.com cutting five percent – and i mean you may say well, five percent is a lot of its just a bunch of different staffers right, which is sad, but just take a look at the difference when gemini laying Off 10 of its employees, thats a i mean, much larger number and guess what 18 coinbase and i dont know if youve been looking at the news lately, but theres of course, a lot of coinbase sad employees, mad employees going in new york city, so ive been Looking at the news right now, of course, its not really happy and you go ahead and do a quick, google and you take a look at you know the internal crisis that its going through with its 1100 employees and, of course, right now, the ceo is going Through some difficult situations right there, when you go to the twitter on crypto.
com, you dont really see anything going through the layouts right now and ive been looking at this on the late on daily, and i havent seen anything coming from them, not even from chris, which Is the ceo of the company hes, you know focusing on the strategy and you know how the market is doing so far, but nothing when it comes to the layoffs at the moment which i get. I mean that will be a strategy on him. Of course, knowing how the market is right now, in my experience, when things were going looking way of up to a trillion in market capitalization or even looking at close to three trillion, there were a massive hiring waves and, of course, everybody was bullish under one trillion Globally, thats, when you start seeing layoffs so that i will, in my opinion, i think its a good benchmark right when we have a market under 1 trillion when things are really very scary, sad and fear thats. When i mean the business for all of these companies, specifically, the exchanges becomes a little bit more difficult to sell to institutions, which i mean thats, where they really get a lot of money. Consumers like us, yes, we do come and get and they get a little bit of the fees which thats a great revenue model for them, but the biggest, if im, not mistaken, the biggest accounts for them are institutions, and you know the entire banks, and all of These big sharks that are providing a lot of different money for the exchanges thats, where they get the institutional right, and in this case, for this person, the energy business, the nft business, which is huge uh, i mean 100 million dollars in the accelerator for chronos labs.
Chronos play, of course, for the crypto.com company and much more other different branches. I think its going to be huge and in a way they need more staffers. They need more employees to continue once the bull market comes back right, but at this time this is what were seeing layoffs everywhere, which is pretty interesting right. So thats it thats the news really quick and sweet, but once again we kind of start to see how the bear market is affecting everything – and not only us, like i mentioned, were one side where we buy and sell. We go on trade, but also the employees who, every single day they do a great job and you know start putting some great technologies either theyre in software development management marketing. I can tell you from experience. I just came im coming from consensus 2022, where, even though i didnt see anyone from crypto.com, i was able to see a staffers from other great companies and well. Some of them told me, yes were hiring massively come on in others, told me were actually on hiring. Freeze were not doing anything were still on the lookout. So right now in the spur market theres, you know a bunch of different ideas and different warning signs when it comes to getting employed and well ill. Let you ill tell you the latest on that one, but for sure crypto.com right now kind of like pausing when it comes to the uh hiring in that specific manner.