Odaily Planet Daily reports that cryptocurrency exchange Crypto.com has announced the reduction of approximately 12% of its workforce, citing the need to align its business with advancements in AI capabilities. According to Straits Times, around 180 employees are affected by this layoff.
Crypto.com CEO Kris Marszalek posted on X that companies that do not immediately make this transition will fail, and those that act now by combining the best AI tools with top talent will achieve scale and precision previously thought impossible.
This round of layoffs is the latest example of cost-cutting in the digital finance industry. Earlier this year, cryptocurrency exchange Gemini Space Station Inc. reduced its workforce by approximately 25% and shut down its operations in the UK, Europe, and Australia. Last month, Block Inc., led by Jack Dorsey, announced the elimination of nearly half its workforce, citing the belief that AI will transform the industry.