CRO token price: How low can Cronos go as Crypto.com reels amid mass layoffs, marketing cuts
Cronos (CRO), the native cryptocurrency token of Cronos Chain – the decentralised, open-source blockchain developed by the Crypto.com – is down after the crypto exchange announced layoffs.
CRO was down 1.59% day on day to $0.1025 earlier today (21 October), according to CoinMarketCap. It has been on a downwards trend for the last three months.
CRO to USD
Originally, Kris Marszalek, co-founder and CEO of Crypto.com, announced via Twitter that the exchange would be making “targeted reductions of approximately 260 or 5% of its corporate workforce” in June 2022.
At the time Marszalek explained that this was in part due to the crypto bear market. However, the Crypto.com CEO said that “the markets will turn” and when it does the company will be “ready to drive and capture the next wave of growth for cryptocurrency adoption”.
That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce.
— Kris | Crypto.com (@kris) June 11, 2022
However, Ad Age later discovered that Crypto.com had downsized the amount of its workforce it had let go and it reported that its headcount had been reduced by more than 2,000.
Crypto.com responded to this accusation. “Any media reports of ongoing job reductions are inaccurate, as are additional estimates and rumours around the total number of reductions,” a spokesperson for Crypto.com told Tech in Asia.
Marketing team first to have gone
The organisation’s marketing team was the first to go. This included a 10-member North American team, with Crypto.com’s marketing schemes and brand deals also suffering.
One big sponsorship deal Crypto.com recently pulled out of was with Europe’s Champions League, which is organised by the Union of European Football Associations (UEFA).
The crypto exchange was going to become one of the largest-ever sponsorships for the Champions League, but the deal fell apart at the last minute, SportBusiness reported in August.
The deal was intended to last for five seasons and was said to have cost Crypto.com $495m (£446m) in total.
However, the crypto exchange will still be the official sponsor of the FIFA World Cup Qatar 2022.
The crypto platform will be the exclusive trading platform sponsor of Qatar 2022 – which takes place from 21 November to 18 December – and will “benefit from significant branding exposure both within and outside the tournament’s stadiums”.
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Crypto.com picks Paris as its European headquarters
Despite these cutbacks, on 12 October Crypto.com did make a €150m (£131m) investment into France and announced it would be setting up its European regional headquarters in Paris.
This move came after the crypto exchange was registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) following clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in September. Eric Anziani, chief operating officer of Crypto.com said:
“Our regulatory approval was the first important step in our journey in France, and we look forward to continuing to engage with stakeholders across sectors to help facilitate the new digital economy in France and providing customers a best-in-class crypto experience.”
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