will lay off 260 people, or 5% of its corporate workforce, as the markets continue to head into a downturn, CEO Kris Marszalek said in a tweet on Saturday.

In a Twitter thread, Marszalek described the layoffs as a “difficult and necessary” decision to “ensure continued and sustainable growth for the long term.” The CEO also referenced the current “market downturn,” alluding to the 2018 crypto bear market and the company’s “focus on building” during the 2018-19 crypto winter.

During that period, the price of Bitcoin tumbled about 65%, falling from its then all-time-high of almost $20,000 in December 2017 to below $7,000 in February 2018. 

“We will continue to evaluate how to best optimize our resources to position ourselves as the strongest builders during the down cycle to become the biggest winners during the next bull run,” Marszalek wrote.

On Monday morning, was the 14th largest cryptocurrency exchange by spot volume, having done $1.3 billion in trading volume over the past day. In the past six months, has been spending heavily on marketing.

The Singapore-based exchange spent an estimated $700 million to become the exclusive crypto exchange sponsor of the FIFA World Cup 2022, paid $100 million to have Matt Dillon star in a Super Bowl commercial, and spent $700 million putting its name on…

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