In brief
- Crypto.com is reducing its workforce by 12%, affecting approximately 180 employees
- CEO Kris Marszalek said the move was part of a pivot to “enterprise-wide AI.”
- The move follows similar cuts at Algorand Foundation and Messari earlier this week.
Cryptocurrency exchange Crypto.com is cutting 12% of its workforce, or around 180 employees, as part of a strategic shift toward AI-driven operations.
In a tweet, CEO Kris Marszalek described the move as a pivot to “enterprise-wide AI,” declaring that “Companies that do not make this pivot immediately will fail.” The move represents the third workforce reduction in four years for the Singapore-based platform.
A spokesperson for the exchange reportedly stated that all employees affected have been notified, and will be supported throughout theit transition.
Crypto layoffs mount
The layoffs come amid a broader wave of restructuring across the crypto industry this week, as firms face macroeconomic headwinds and seek operational efficiencies through automation and artificial intelligence integration.
The Algorand Foundation cut 25% of its staff on Wednesday, citing the “uncertain global macro environment,” while crypto data firm Messari this week underwent its own AI pivot with staff reductions and leadership changes. Last month, crypto-focused fintech company Block slashed its workforce to 6,000 employees, with CEO Jack Dorsey announcing that the move was in response to “intelligence tools” enabling new ways of working.
Crypto.com has been diversifying its output, last month announcing the launch of a prediction market offering in the U.S.
The firm has also been making moves in Washington, last month securing conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency that would enable federally regulated digital asset custody, staking, and trade settlement if approved. The sign-off came just weeks after the firm donated $5 million to a pro-Trump super PAC.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Source: https://decrypt.co/361693/crypto-com-slashes-workforce-by-12-in-enterprise-wide-ai-pivot
