Crypto.com, the Singapore-based digital-asset exchange, is reducing its workforce by roughly 12% as part of a company-wide shift toward artificial intelligence. CEO Kris Marszalek said on X that the cuts are necessary for survival in an increasingly automated industry and warned that firms slow to adopt AI tools will be outpaced by competitors.
“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,” he said.
An employee in Singapore reported losing access to Slack in the morning and only then discovered the job cuts, The Straits Times reported. A senior executive described the organization as having become “layered and siloed,” slowing execution, and said the company must better adopt new tools and technologies to improve efficiency.
This is Crypto.com’s third round of layoffs in recent years. In 2022 the company eliminated roughly 260 employees (about 5% of staff), and a 2023 reduction cut headcount by about 20%. Affected workers have been notified and are receiving transition support, though Marszalek provided few specifics about which departments or roles were targeted.
The move comes amid broader restructuring across the crypto industry following a market downturn. Yesterday, the Algorand Foundation announced a 25% reduction in its workforce. Other major crypto and fintech layoffs this year include Block’s restructuring that cut about 40% of its team (over 4,000 employees), OP Labs (about 20 employees), Gemini (about 25%), as well as reductions at OKX and Messari.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
