Crypto.com has announced that it is laying off around 12% of its workforce as the company CEO Kris Marszalek informed the impacted employees that their roles “do not adapt in our new world.” In a post shared on social media platform X (formerly known as Twitter) Marszalek said that the company is now joining the growing lists of companies that are integrating enterprise-wide AI arguing that businesses that move quickly to pair top performers with advanced AI tools will achieve unprecedented scale and precision. Marszalek also said that these layoffs are part of a broader existential challenge for companies in the AI era. In the post he also mentioned that the non-adopters will “immediately fail” and the slow movers will be “left behind”. According to a report by Business Insider, a company spokesperson also confirmed that all the employees affected by the layoffs had been notified and he also added that Crypto.com is also prioritising resources around key growth areas while driving efficiencies across its business.
Read Crypto.com CEO Kris Marszalek’s complete post here
We are joining the list of companies integrating enterprise-wide AI. Companies that do not make this pivot immediately will fail. Companies that move slowly will be left behind. Companies that move immediately and pair the best AI tools with top-performers will achieve a level of scale and precision that was previously impossible. This is where we must go. As part of this step, we have also made a targeted ~12% workforce reduction of roles that do not adapt in our new world. All impacted team members have been notified and are receiving resources to support their transition. We are deeply grateful for the contributions our departing colleagues have made. This new foundation sets us up for continued success.This marks the latest in a series of workforce reductions at Crypto.com. . The company cut 20% of staff in 2023, citing fallout from the collapse of FTX, and trimmed jobs in 2022 during a market slump. Marszalek’s comments place Crypto.com among a growing number of tech leaders pointing to AI as the rationale for downsizing.Earlier this year, Block cut about 40% of its staff, with CEO Jack Dorsey saying a smaller team using AI tools could “do more and do it better.” Atlassian also eliminated 1,600 jobs in March, roughly 10% of its global workforce, with CEO Mike Cannon-Brookes describing the move as a repositioning for the “AI era.”
