In a move reflecting a broader industry shift, cryptocurrency exchange Crypto.com has reduced its global staff by approximately 12%, affecting around 180 employees. The company frames the cuts as part of a restructuring effort to reallocate resources toward key growth areas, with a pronounced focus on embedding artificial intelligence throughout its operations.

A company spokesperson confirmed the layoffs, stating the decision was made to 'drive efficiencies across our business' as it integrates AI enterprise-wide. CEO Kris Marszalek has been vocal on the subject, recently asserting on social media that organizations slow to adopt AI tools risk obsolescence. 'Companies that move immediately and pair the best AI tools with top performers will achieve a level of scale and precision that was previously impossible,' he wrote.

The pivot is not merely rhetorical. Earlier this year, Crypto.com signaled its intent with a reported $70 million purchase of the ai.com domain. This restructuring follows similar AI-linked workforce reductions at other firms, including Block, whose CEO cited AI-enabled productivity as a reason for significant cuts.

These layoffs occur even as Crypto.com advances its regulatory standing, having recently secured conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank. The exchange, which reported 100 million registered accounts and roughly $750 billion in trading volume last year, now aims to scale its custody services under federal oversight with a leaner, AI-augmented team.

Source: CoinDesk