Crypto.com CEO Kris Marszalek said the company has cut about 12 percent of its workforce as part of an enterprise-wide AI shift.

Marszalek said,

“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.”

He added the reduction was targeted at roles that do not adapt to the company’s new direction in an AI-led environment.

Affected employees have reportedly been notified and are receiving support as they transition out of the company.

The move follows Crypto.com’s 20 percent workforce cut in early 2023.

By April 2024, the company said it was hiring again, describing its expansion plans as more measured after the earlier layoffs.