Cryptocom is laying off 260 employees

The crypto exchange is laying off 5 percent of its workforce — 260 jobs.

This was announced by CEO Kris Marszalek on Twitter .

“Our approach is to focus on executing our roadmap while optimizing profitability,” says Marszalek.

"This means that we have to make difficult and necessary decisions to ensure continued and sustainable growth over the long term by selectively cutting about 260 jobs, or 5 percent of our workforce."

The crypto exchange has historically featured through aggressive esports sponsorships.

Among other things, Crypto.com is a sponsor of this year's football World Cup in Qatar . Since November last year, the exchange has also been the name sponsor of Lakers Stadium in California. Actor Matt Damon appears as a brand ambassador for Crypto.com.

Marketing deals worth millions on the one hand and a first wave of layoffs on the other - the crypto exchange has apparently not managed sustainably.

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