Alternative currency trading platform Crypto.com is in the midst of sacking staff in its Australian operation following the sustained worldwide collapse in the value of cryptocurrency assets.

Crypto.com employees have been announcing their departures from the company through the LinkedIn social media site.

Among the exiting staff are Melbourne-based talent acquisition specialist Richard Shields, who until last week worked in Crypto.com’s executive recruitment team.

“Morning network - sadly, my time at Crypto.com has ended,” Shields told LinkedIn on Monday.

“I've been caught up in the layoffs that have impacted many talented individuals from across the sector over recent months. 

“Whilst only with Crypto.com for a short time, I am genuinely grateful for every second of it. 

“I've had the chance to learn so much about Web3 and meet truly inspirational leaders working to change the world.”

Banking Day yesterday approached the head of Crypto.com’s Australian business Karl Mohan to ascertain the extent of the local headcount reductions but his phone diverted to voicemail.

The contraction of the Melbourne office was not unexpected after Crypto.com’s founder and chief executive Kris Marszalek flagged in June that 5 per cent of the company’s global workforce would be cut from organisation.

“Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so,” he tweeted on 11 June.

“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 per cent of our corporate workforce.”