Crypto Exchange Crypto.com Cuts 12% of Workforce Amid AI Transition

Crypto.com, a prominent digital asset exchange based in Singapore, has initiated significant workforce reductions as part of its transition to artificial intelligence.

The company is cutting around 12% of its workforce, marking the third round of layoffs in recent years. This move follows a similar trend across the crypto industry, where several firms have been scaling back operations following a market downturn.

According to CEO Kris Marszalek, the adoption of AI tools is crucial for survival in an increasingly automated industry. He emphasized that companies must pair top performers with best-in-class AI tools to achieve a level of scale and precision previously unattainable.

Crypto.com has been experiencing growth challenges due to its 'layered and siloed' organizational structure, which has hindered execution. To overcome this, the company is adopting new technologies and tools aimed at improving efficiency.