Crypto.com will cut 12 percent of its workforce, citing AI integration, The Block reported on March 19 local time.

The cuts amount to about 180 people. CEO Kris Marszalek (크리스 마르잘렉) explained the rationale on X (Twitter), saying, “Companies that do not adopt AI will be left behind.” It marks the third large round of job cuts since 2022. At the time, Crypto.com fired 260 people citing macroeconomic uncertainty, and later carried out an additional 20 percent cut in 2023 after the collapse of FTX.

The broader cryptocurrency industry is showing a similar trend to Crypto.com. Cryptocurrency exchange Gemini announced 200 job cuts, and founders Tyler and Cameron Winklevoss (타일러·카메론 윙클보스) stressed it was “a measure to reduce costs and secure profitability.”

Payments company Block also carried out a 40 percent cut. Block CEO Jack Dorsey (잭 도시) is pushing an “AI-focused small-scale operating model.” Cryptocurrency data platform Messari also cut staff alongside a CEO change. The exact scale was not disclosed. The Algorand Foundation also announced a 25 percent cut, citing global economic uncertainty and a downturn in the cryptocurrency market.