Singapore-based cryptocurrency exchange Crypto.com has announced it will lay off up to 12% of its staff as the company undergoes a comprehensive integration of artificial intelligence (AI). This decision makes it a new member of the growing list of companies implementing large-scale layoffs for AI-related reasons, as revealed by the exchange's founder and CEO, Kris Marszalek.
A spokesperson for Crypto.com told Cointelegraph: “We are joining the ranks of companies integrating AI across their enterprises.” He added that the layoffs are part of the platform's strategy to “prioritize resource allocation around key growth areas.” The spokesperson did not provide further comments on the specific roles affected by the layoffs.
In recent months, other major crypto and tech companies have also announced large-scale layoffs related to AI.