Another week, another announcement about job cuts. And now, AI is coming for the crypto industry.
Crypto.com announced Thursday that it is laying off 12% of its employees as it restructures around artificial intelligence, signaling a more aggressive shift toward automation and leaner operations. The move comes as companies across the crypto sector look to cut costs and boost efficiency amid ongoing market uncertainty.
AI is the future, and “companies that do not make this pivot immediately will fail,” CEO Kris Marszalek posted on X. “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.”
The eliminated roles are those “that do not adapt in our new world,” he added, explaining that the new structure prepares the company for “continued success.”
The exact number of employees laid off was not revealed.
The news comes on the heels of an announcement the day before by blockchain company Algorand Foundation that it has reduced its headcount by 25%. Although it did not specifically cite AI as the reason, the company cited “uncertain” macro conditions along with “the broader downturn in crypto markets.”
The AI efficiency play
Crypto.com joins a slew of tech companies that have cited AI as the rationale for cutting jobs.
Meta is reportedly mulling a headcount reduction of 20% or more to offset the cost of heavy investments in AI infrastructure and position the company for efficiency gains as AI-assisted work expands.
And Atlassian said last week it was letting go of about 1,600 workers — roughly 10% of its total headcount — with CEO Mike Cannon-Brookes saying the freed-up capital would be used “to self-fund further investment in AI and enterprise sales.”
Last month, fintech company Block laid off more than 4,000 people — nearly half its total workforce — with founder Jack Dorsey telling staff that the intelligence tools it is creating and using “paired with smaller and flatter teams, are enabling a new way of working, which fundamentally changes what it means to build and run a company.”
Earlier this year, Salesforce laid off 1,000 employees while actively hiring salespeople to promote its AI products to customers.
The list goes on and on, with Oracle and eBay also announcing layoffs due to increased AI spending.
More gloomy news expected
AI is projected to eliminate over 1 million jobs in 2025, and based on recent events, the news is not looking any brighter for 2026. Worker anxiety over job loss due to AI across sectors and seniority levels rose from 28% in 2024 to 40% this year, according to Mercer’s Global Talent Trends 2026 report, which surveyed 12,000 people around the globe.
Last week, Bill McDermott, CEO of ServiceNow, told CNBC that unemployment for new college graduates could “easily go into the mid-30s in the next couple of years.”
For more on AI-driven workforce shifts, check out how Amazon accidentally confirmed its plans to cut 16,000 jobs earlier this year.
