Crypto.com Cuts 12% of Staff as It Integrates AI Across Business for Efficiency

Crypto.com, the Singapore-based cryptocurrency exchange, has announced a workforce reduction of approximately 12%, or 180 employees, as it integrates artificia…

Crypto.com, the Singapore-based cryptocurrency exchange, has announced a significant workforce reduction of approximately 12%, or 180 employees, as it integrates artificial intelligence (AI) across its operations. This move comes as the company continues to expand its AI capabilities to enhance efficiency and drive growth. Chief executive Kris Marszalek, in a recent interview, emphasized the importance of rapid AI integration, stating that companies that fail to do so will be left behind. This warning follows the firm's $70 million purchase of the ai.com domain, which was part of its broader strategy to invest heavily in artificial intelligence. Crypto.com, which has approximately 1,500 employees, is now focusing on AI-driven efficiency, aiming to achieve a level of precision and scale previously unattainable. The company has also secured conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a federally regulated crypto trust bank, paving the way for further expansion and custody services under federal oversight. This move is part of a series of workforce reductions at Crypto.com, which has previously cut staff multiple times amid shifting market conditions and internal restructuring. The exchange's layoffs come amid similar AI-linked layoffs across the tech and crypto sectors, highlighting the growing trend of companies integrating AI to boost productivity and efficiency. Crypto.com's spokesperson noted that all employees have been notified and will receive support resources during the transition period. The company's strategic pivot towards AI is expected to help it scale its infrastructure and product suite as it grows, aligning with the acquisition of financial infrastructure firm Brahma, which will phase out all existing products within 30 days. As Crypto.com continues to integrate AI, the company aims to achieve a level of precision and scale that was previously impossible, positioning itself as a leader in the AI-driven efficiency movement.

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