Cryptocurrency exchange Crypto.com is laying off 12% of its workforce, approximately 180 employees, as part of a strategic pivot toward “enterprise-wide AI,” according to CEO Kris Marszalek. The move marks the Singapore-based platform’s third staff reduction in four years and follows similar workforce cuts this week at the Algorand Foundation and data firm Messari, as companies across the crypto sector seek operational efficiencies through automation and AI integration.
Cryptocurrency exchange Crypto.com is cutting 12% of its workforce, or around 180 employees, as part of a strategic shift toward AI-driven operations. This represents the third workforce reduction in four years for the Singapore-based platform.
In a tweet, CEO Kris Marszalek described the move as a pivot to “enterprise-wide AI,” declaring that “Companies that do not make this pivot immediately will fail.” A spokesperson for the exchange reportedly stated that all affected employees have been notified and will be supported.
The layoffs come amid a broader wave of restructuring across the crypto industry this week. Firms are facing macroeconomic headwinds and seeking operational efficiencies through automation and artificial intelligence integration.
The Algorand Foundation cut 25% of its staff on Wednesday, citing the “uncertain global macro environment.” Crypto data firm Messari this week underwent its own AI pivot with staff reductions and leadership changes.
Last month, crypto-focused fintech company Block significantly reduced its workforce. CEO Jack Dorsey announced the move was in response to “intelligence tools” enabling new ways of working.
Crypto.com has been diversifying its offerings, last month announcing the launch of a U.S. prediction market. The firm also secured conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency.
