Crypto.com, the Singapore-based cryptocurrency exchange, is cutting about 12% of its workforce as part of a strategic pivot toward enterprise artificial intelligence. CEO Kris Marszalek said on X the reductions are needed for the company to survive and compete in an increasingly automated industry.
Marszalek warned that firms slow to adopt AI will be outpaced by rivals and wrote that ‘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.’ He framed the restructuring as necessary to reach that level of efficiency and scalability.
An employee in Singapore reported losing access to Slack and only then learned of the layoffs, according to The Straits Times. A senior executive told the outlet the organization had grown ‘layered and siloed,’ which hampered execution, and said management must adopt new tools and technologies to improve speed and productivity.
This is Crypto.com’s third round of cuts in recent years. In 2022 the company reduced headcount by roughly 260 employees (about 5%), and a 2023 round trimmed the workforce by about 20%. Affected staff have been informed and are being given transition support, though Marszalek did not specify which teams or roles were targeted.
The move follows wider restructuring across the crypto sector after a market downturn. Yesterday the Algorand Foundation announced it would cut 25% of its staff. Other notable reductions this year include Block’s restructuring that eliminated roughly 40% of its workforce (over 4,000 employees), OP Labs trimming about 20 roles, Gemini cutting around 25%, and additional downsizing at OKX and Messari.
Edited by Vivian Nguyen. See the Editorial Policy for details on how content is created and reviewed.