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The Singapore-based cryptocurrency exchange Crypto.com has reduced its workforce by approximately 12%, citing the automation of work processes through artificial intelligence.
CEO Kris Marszalek stated that the layoffs are essential for the company’s survival amid increasing automation in the industry. Employees affected by the layoffs will receive severance packages, the executive assured. Marszalek did not specify which departments and positions were impacted.
“We have joined the ranks of companies integrating AI into their business operations. Firms that do not hasten to adopt AI will face failure. Companies that proceed slowly will be left behind. Those that act promptly and combine AI with highly skilled professionals will achieve unprecedented task efficiency. This is what we must aim for,” wrote Marszalek.
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In 2022, Crypto.com laid off around 260 employees, which represented about 5% of the total workforce at that time. In 2023, the exchange further reduced its staff by 20%.
Recently, the Algorand Foundation announced a 25% workforce reduction due to the “uncertain economic environment” and the prolonged bear market in the cryptocurrency sector. At the end of February, fintech company Block, founded by Jack Dorsey, laid off 40% of its team—approximately 4,000 individuals out of 10,000 employees.
In early February, American cryptocurrency exchange Gemini, established by brothers Tyler and Cameron Winklevoss, announced its exit from the markets of the European Union, the United Kingdom, and Australia. The exchange also reduced its workforce by 25%.
