Crypto.com, a leading cryptocurrency exchange, has announced significant job cuts as it integrates artificial intelligence (AI) into its operations. The Singapore-based company has laid off approximately 180 employees, representing about 12% of its roughly 1,500-person workforce.
This move is part of the company's broader strategy to leverage AI in its business. In February, Crypto.com spent $70 million on the ai.com domain, signaling its commitment to deepening its involvement with AI.
The layoffs come as several other companies in the tech industry are also undergoing restructuring efforts tied to AI adoption. Block, for example, recently reduced its workforce by 40% as it looks to streamline operations and enhance efficiency using AI tools.