Crypto.com becomes the latest crypto firm to announce layoffs as CEO Kris Marszalek said in a tweet, that the Singapore-based exchange will be laying off 260 workers.

He stated that the approach was taken to stay focused on executing the roadmap and optimizing for profitability, which led to making such difficult but necessary decisions to ensure sustainable growth in the long term. The CEO did not specify exactly when the layoffs would be happening.

Crypto exchanges have been hit hard amid the market slump, as nonprofessional, or retail traders have held back from trading on their platforms which has stopped the flow of trading fees that amounts to a major source of revenue for exchanges.

Featured image source: Fortune.