Many of the companies that advertised in the 2000 Super Bowl no longer exist, with some folding shortly after the big game.
Some have already started to point out the similarities of the Crypto Bowl to the 2000 Super Bowl, named the "Dot-Com Super Bowl." The Crypto Bowl saw companies spend lots of money on Super Bowl commercials only to face job cuts and potentially failing to exist down the road. The 2022 Super Bowl was nicknamed by some as the Crypto Bowl, with a handful of cryptocurrency companies placing big bets on commercials during the game and promotions around the big game. Super Bowl commercials came with a cost of $6.5 million for a 30-second slot. The commercial was also played during Super Bowl LVI on NBC, a unit of Comcast Corporation (NASDAQ: NASDAQ: CMCSA) in February. Matt Damon to Blame?: To some outside the world of cryptocurrency, might be best known for its commercial starring actor Matt Damon highlighting how “fortune favors the brave.”Ĭ spent a reported $100 million on its advertising campaign that saw the Damon ad get heavy rotation on television and used elsewhere. “We announced reductions in June, and since that time we have optimized our workforce to align with current external economic headwinds,” a spokesperson told Decrypt.
While June job cuts primarily centered on customer service and growth roles, the latest round of job cuts is said to be more critical roles like the company’s exchange, app and wallet. “The business is cutting down to bare minimum to survive the likely long bear market -internal initiatives are about trying to save every penny.” “Leadership expressed they had no intention of going public, top management is unlikely to do an announcement.”Ī percent of employees or number could not be identified by sources, but was said to be “much bigger than the first one.” Decrypt confirmed the layoffs with several other sources.Ī source told the crypto media outlet that additional layoffs were communicated at an “all hands” quarterly call last Friday.Ĭ may not publicly announce the job cuts, according to the report. The source has been named as an anonymous managerial employee of. previously told employees that the 5% job cuts in June would be the last.
The report said the current layoffs are being kept quiet, but will be “much bigger” than the 5% reduction in June. What Happened: After laying off 5% of its workforce in June, is now planning another round of job cuts, according to a report from Decrypt. Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position CloseĬryptocurrency exchange is laying off more employees during the current crypto bear market.
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