Crypto.com co-founder and CEO Kris Marszalek announced Thursday the exchange is reducing its workforce by approximately 12%, a move he attributed to a company-wide shift toward artificial intelligence integration.
The reduction affects roughly 180 employees, based on the company’s previously disclosed headcount of over 1,500.
Marszalek said in an X post that the cuts target roles that "do not adapt" as the company implements what he described as "enterprise-wide AI." Affected team members have been notified and are receiving transition resources, he said.
"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," Marszalek said in the post.
The Block reached out to Crypto.com for further comment.
The layoffs mark the third workforce reduction since 2022 for the Hong Kong-founded crypto exchange, which says it maintains offices in Singapore, France, and the U.S.
In 2022, the company cut 5% of its staff, approximately 260 employees out of a then over 5,000-person team, citing a macroeconomic downturn. Following FTX's collapse later that year, Crypto.com reduced its workforce by another 20% in 2023.
The job cuts come as multiple crypto firms have announced layoffs in recent weeks, with some citing AI integration strategies alongside market conditions.
Crypto exchange Gemini said in February it plans to cut up to 200 positions, representing about a quarter of its workforce. Its founders, Tyler and Cameron Winklevoss, said the move would "help reduce our total expenses in line with our headcount reduction and meaningfully accelerate our path to profitability."
Payments firm Block also cut roughly 40% of its workforce last month as CEO Jack Dorsey pushed a “smaller” and “flatter” AI-focused operating model. A small number of employees were later rehired, including at least one case described as a “clerical error,” according to LinkedIn posts from affected workers.
Messari, a crypto data platform, announced a leadership transition and layoffs earlier this month. CEO Eric Turner stepped down, with Chief Technology Officer Diran Li assuming the role. Li said in an X post that the company "parted ways with many teammates" as part of a restructuring to become an "AI-first" company. The exact number of affected employees was not disclosed.
On Wednesday, the Algorand Foundation said it reduced its workforce by 25%, citing "the uncertain global macro environment as well as the broader downturn in crypto markets."
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