Crypto.com founder Kris Marszalek has said the exchange will cut around 12% of its workforce. The move is part of a strategic pivot by the company toward the enterprise-wide integration of AI.
The AI Efficiency Argument
Marszalek made the announcement in a post on his official X account on March 19, stating that Crypto.com would be integrating AI into its business and that firms that fail to do so are setting themselves up for failure.
“Companies that move slowly will be left behind,” warned the CEO. “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.”
As part of the step, Marszalek confirmed that they will be letting go of at least 12% of the Crypto.com staff, particularly those in what he described as “roles that do not adapt in our new world.”
The announcement follows the company’s acquisition of the AI.com domain for a reported $70 million in February, which it positioned as a launchpad for autonomous AI agents.
Marszalek did not share specific figures on the firm’s total headcount, the exact number of employees being let go, or the financial impact of the restructuring. He did confirm that those affected had been notified and were “receiving resources to support their transition.”
Block Rehires Staff
In February, Block, the company behind payments platforms like Cash App, Afterpay, and Square, reduced its workforce by more than 4,000 employees, with CEO Jack Dorsey justifying the move using the same rationale Marszalek is employing now.
At the time, Dorsey pointed out that the way forward for running companies would be to pair small teams with AI tools, which would improve efficiency.
“We’re already seeing that the intelligence tools we’re 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,” he posted on X.
However, it appears that Block has since rehired a few of the people it had laid off. According to reports, several Block employees posted on their social media that they had received offers to return to work, with one, Andrew Harvard, claiming he was told his layoff was the result of a clerical error.
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