Singapore-based crypto exchange Crypto.com is cutting 12% of its workforce, approximately 180 employees, as part of a strategic shift toward AI-driven efficiency. The move aligns with CEO Kris Marszalek’s vision that companies must rapidly adopt AI or risk obsolescence.
"Companies that move slowly will be left behind," Marszalek said. "Those pairing top AI tools with elite talent will achieve unprecedented scale."
The company previously spent $70 million to acquire ai.com, underscoring its commitment to artificial intelligence. Before the cuts, Crypto.com had around 1,500 employees globally.
This marks another round of downsizing for the exchange, which reduced staff by 20% in 2023. The broader tech sector has seen similar moves, including Block’s 40% cut and layoffs at Polygon and OKX.
Crypto.com recently received conditional approval from the U.S. Office of the Comptroller of the Currency to launch a national trust bank, expanding its federally regulated custody services.