Crypto.com Slashes Jobs Amid AI Shift in Crypto Industry

Crypto.com is joining the ranks of tech companies cutting jobs to stay competitive in an era of rapid technological change. The cryptocurrency platform announced Thursday that it will lay off 12% of its workforce, citing a need to adapt to the increasing use of artificial intelligence (AI) in the industry.

The company's CEO, Kris Marszalek, said in a statement on X that 'companies that do not make this pivot immediately will fail.' He emphasized that Crypto.com is preparing for 'continued success' by streamlining its operations and embracing AI technology.

This move comes as the broader crypto market faces uncertainty. Algorand Foundation announced Wednesday that it had reduced its headcount by 25% due to 'uncertain macro conditions' and a downturn in crypto markets.

Crypto.com's decision is part of a larger trend of tech companies investing heavily in AI infrastructure, which some argue will lead to job losses across various sectors. Meta, Atlassian, Block, Salesforce, Oracle, and eBay have all made significant investments in AI or announced layoffs related to the technology.