One of the world's biggest crypto trading platforms to layoff 12% employees, CEO says, ‘We are joining…’

Crypto.com, one of the world's largest cryptocurrency trading platforms, is cutting 12% of its workforce as part of a company-wide shift toward artificial intelligence (AI) integration.

CEO Kris Marszalek announced the job cuts on X (formerly Twitter), explaining that the it is making the AI shift because “Companies that do not make this pivot immediately will fail”. He added that the layoffs were a direct consequence of that transition, describing them as “a targeted workforce reduction of roles that do not adapt in our new world”. According to the CEO, the restructuring sets the company up for “continued success.”

What CEO Kris Marszalek said about Crypto.com job cuts

We are joining the list of companies integrating enterprise-wide AI. Companies that do not make this pivot immediately will fail. Companies that move slowly will be left behind. Companies that move immediately and pair the best AI tools with top-performers will achieve a level of scale and precision that was previously impossible. This is where we must go. As part of this step, we have also made a targeted ~12% workforce reduction of roles that do not adapt in our new world. All impacted team members have been notified and are receiving resources to support their transition. We are deeply grateful for the contributions our departing colleagues have made. This new foundation sets us up for continued success.CNBC has reported that a company spokesperson confirmed that all affected employees have been notified but declined to reveal the exact number of people that have been asked to go.

This is not Crypto.com's first round of cuts

Back in 2023, Crypto.com laid off 20% of its global workforce, citing the collapse of crypto exchange FTX and a need for “prudent financial management.” This time, the reasoning is different because the job cuts are not about survival but have been framed as a deliberate strategic transformation.

Crypto.com’s announcement comes amid industry-wide AI-driven job cuts. Last month, payments company Block laid off more than 4,000 employees – nearly half its workforce. CEO Jack Dorsey said, “The core thesis is simple. Intelligence tools have changed what it means to build and run a company”.Earlier this week, Reuters reported that Meta is planning layoffs that could affect up to 20% of its workforce. Australian software giant Atlassian announced it was cutting 10% of its staff.