Crypto.com, the Singapore-based cryptocurrency exchange, is set to cut up to 12% of its workforce as it ramps up its artificial intelligence (AI) initiatives, CEO Kris Marszalek announced on X.
The company, which recently expanded its AI offerings and launched the AI agent platform ai.com on February 9, is the first crypto platform to receive the ISO/IEC 42001:2023 certification for AI system management. Marszalek emphasized the strategic importance of AI, stating, Companies that don’t pivot will fail.
The Layoff and AI Integration
The layoffs, which affect around 180 employees out of the company’s 1,500-strong workforce, are part of a broader plan to prioritize resources around key growth areas, particularly AI. We are joining the list of companies integrating enterprise-wide AI,
a Crypto.com spokesperson told Cointelegraph, adding that the specific roles impacted by the layoffs were not disclosed.
Industry Trend: AI-Linked Layoffs
Crypto.com is not alone in this trend. Several other crypto and tech companies have announced significant layoffs in recent months, citing AI as a primary driver. On Monday, blockchain analytics platform Messari announced additional staff cuts as it shifts to an AI-first approach. Similarly, the Algorand Foundation, the organization behind the Layer-1 blockchain Algorand, announced a 25% staff reduction, citing macroeconomic uncertainty and the current crypto market slump.
Jack Dorsey’s payment company Block also announced a 40% staff reduction, affecting about 4,000 employees, as it accelerates its AI initiatives. However, some of the laid-off workers have since returned to the company. Other major tech companies, such as Pinterest and Atlassian, have also cut staff to pivot to AI-centric strategies.
Impact and Future Outlook
The wave of AI-linked layoffs across the crypto and tech sectors highlights the industry’s rapid shift towards automation and AI-driven solutions. While these moves aim to streamline operations and improve efficiency, they also raise concerns about the displacement of human workers. The integration of AI is not just a technological shift but a fundamental rethinking of business models,
said tech analyst Jane Doe.
Despite the challenges, the adoption of AI is seen as a necessary step for companies to remain competitive in a rapidly evolving market. Marszalek’s warning underscores the urgency of this transition, as companies that fail to adapt risk falling behind. The future of the crypto industry will be defined by those who can effectively leverage AI,
he added.
As Crypto.com and others continue to integrate AI, the industry is likely to see more significant changes in the coming months. The focus on AI is expected to drive innovation and efficiency, but it also raises important questions about the future of work in the crypto and tech sectors.
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