CryptocurrencyWeb3NFTsInvestingBitcoin is cutting about 260 jobs, citing market downturn

June 13, 2022, 2:50 PM UTC will cut almost 5% of its workforce, or about 260 employees, CEO Kris Marszalek said in a tweet over the weekend.

“Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so… 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,” Marszalek said in a tweet thread., a Singapore-based cryptocurrency exchange that offers a mobile-trading application, payment and lending services, joins other major crypto companies laying off employees amid a turbulent market downturn.

Winklevoss twins-led exchange Gemini cut about 10% of its workforce and Middle Eastern crypto-exchange Rain Financial—among other companies—said it was cutting dozens of jobs. Coinbase (COIN) said it would be rescinding some job offers and would pause hiring to cut costs.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.