Crypto.com Lays Off About 12% of Staff, CEO Cites Need for AI Transformation

Odaily News: Cryptocurrency exchange Crypto.com announced a workforce reduction of approximately 12%, citing the need to adjust its business to adapt to enhanced AI capabilities. According to a report by the Straits Times, this layoff affects around 180 employees.

Crypto.com CEO Kris Marszalek stated in a post on platform X that companies not undertaking this transformation immediately will fail. Those that act now and combine the best AI tools with top talent will achieve a scale and precision previously impossible.

This layoff is the latest example of cost-cutting within the digital finance industry. Previously, cryptocurrency exchange Gemini Space Station Inc. laid off about 25% of its staff earlier this year and closed its operations in the UK, Europe, and Australia. Block Inc., led by Jack Dorsey, announced last month that it would cut nearly half of its workforce, stating the move was based on the judgment that AI will transform the industry.