Singapore-based crypto exchange Crypto.com is cutting about 12% of its workforce, or about 180 employees, as it leans into AI-driven efficiency, joining a growing wave of companies shrinking teams as they push for automation.
“We’re joining the list of companies integrating enterprise-wide AI,” a Crypto.com spokesperson told CoinDesk. “As we continue to prioritize resources around key growth areas and drive efficiencies across our business, we reduced our workforce by approximately 12%.”
Kris Marszalek, Crypto.com’s CEO, said on X that companies that do not pivot towards the integration of AI into their processes will fail.
“Companies that move slowly will be left behind,” he added. “Companies that move immediately and pair the best AI tools with peak performance will achieve a level of scale and precision that was previously impossible. That’s where we’re going.”
In February, Marszalek said Crypto.com spent $70 million to buy ai.com, signaling his company’s move into artificial intelligence, a sector that will reach nearly $1.5 trillion in worldwide spending by 2025, according to Gartner.
The Singapore-headquartered exchange had about 1,500 employees before the cuts.
The move marks the latest round of layoffs at Crypto.com, which has trimmed staff several times in recent years amid changing market conditions and internal restructuring, including a 20% reduction in its workforce by 2023.
Crypto.com’s layoffs also follow Block’s decision to reduce its 6,000-strong workforce by 40%. Its founder and CEO, Jack Dorsey, cited AI-enabled productivity gains as the reason for the cuts. He said AI allows smaller teams to move faster.
In January, OKX announced it was restructuring its global institutional business, resulting in job losses it claimed were not “mass redundancies”. The exchange did not mention the exact number. That same month, Polygon laid off 60 employees, disputing reports that it was laying off 30% of its workforce. In the United States, the technology industry shed about 22,291 jobs last year.
The Crypto.com spokesman said all employees, which before the layoffs numbered about 1,500 worldwide, have been notified and will receive resources to support their transition.
The Singapore-based exchange, which boasted 100 million registered accounts and approximately $750 billion in trading volume by 2025, recently received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a national trust bank, setting the stage for the exchange to expand its custody services under federal supervision.
