- crypto.com is cutting 180 employees, representing a 12% reduction in its workforce.
- CEO Kris Marszalek said the cuts are part of a pivot to “enterprise-wide AI,” warning companies that fail to adapt will fail.
- The move follows a wave of similar layoffs at Algorand Foundation, Messari, and Block this month.
- This is the exchange’s third round of layoffs in four years, according to Singapore/singapore-based-crypto-com-lays-off-12-of-staff-third-cut-in-four-years”>reports.
Singapore-based cryptocurrency exchange Crypto.com announced a significant workforce reduction of 12% this week, affecting roughly 180 employees as part of a strategic shift toward Artificial Intelligence. The move marks the third round of layoffs at the company in just four years, highlighting ongoing restructuring pressures within the sector.
In a tweet, CEO Kris Marszalek framed the cuts as essential for survival, declaring “Companies that do not make this pivot immediately will fail.” A company spokesperson reportedly confirmed affected employees have been notified and will receive support during their transition.
Consequently, this announcement follows a broader trend of crypto firms downsizing to pursue AI-driven efficiencies. Earlier this week, the Algorand Foundation cut 25% of its staff, while data firm Messari underwent its own AI pivot with staff reductions.
Meanwhile, Block CEO Jack Dorsey cited “intelligence tools” enabling new workflows last month when his company reduced its headcount to 6,000. Despite the cuts, Crypto.com continues to expand its offerings, recently launching a U.S. prediction market and securing conditional approval for a national trust bank charter.
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