Another week brings yet another round of job reductions, this time with AI making its mark on the cryptocurrency sector.
On Thursday, Crypto.com revealed its decision to reduce its workforce by 12% as part of a strategic shift towards artificial intelligence. This move reflects a broader trend in the cryptocurrency market, where firms are seeking to minimize costs and enhance operational efficiency amid ongoing market volatility.
According to CEO Kris Marszalek, AI represents the future, and he stated on X, “Businesses that don’t transition to AI now are likely to face failure.” He emphasized that “those who act swiftly and integrate top-tier AI tools with skilled employees will achieve unparalleled scalability and accuracy.”
Roles being eliminated are those that fail to adapt to this new framework, he noted, as the restructured company aims to prepare for continued growth.
Details regarding the specific number of layoffs remain undisclosed.
This announcement follows a similar one from Algorand Foundation, which revealed a 25% reduction in staff the previous day. While AI was not directly cited as the cause, the organization pointed to “uncertain” macroeconomic factors alongside a general downturn in the cryptocurrency markets.
The AI Efficiency Movement
Crypto.com is among a wave of tech companies attributing job cuts to the adoption of AI.
Meta is reportedly considering a workforce reduction of 20% or more to counterbalance its significant investments in AI infrastructure and to drive efficiency as tasks become increasingly AI-assisted.
Additionally, Atlassian announced last week that it would let go of around 1,600 employees, which accounts for roughly 10% of its total workforce. CEO Mike Cannon-Brookes mentioned that the capital saved will support further investments in AI and enterprise sales.
Just last month, fintech firm Block laid off over 4,000 employees, nearly half its workforce, with founder Jack Dorsey explaining that their new intelligence tools, coupled with streamlined teams, are redefining how companies operate.
Earlier this year, Salesforce laid off 1,000 workers while simultaneously hiring sales staff to market its AI solutions.
This trend extends across the industry, with Oracle and eBay also announcing staff reductions linked to increased spending on AI technologies.
Evaluating the Business Case for AI
It’s estimated that AI may lead to the loss of over 1 million jobs by 2025, and recent data suggests that 2026 is shaping up to be just as challenging. According to Mercer’s Global Talent Trends 2026 report, anxiety over potential job losses due to AI increased from 28% in 2024 to 40% this year among surveyed individuals globally.
Last week, Bill McDermott, CEO of ServiceNow, remarked to CNBC that unemployment rates for recent college graduates could hit “mid-30s” in the coming years.
While these layoffs highlight the disruption caused by AI, the technology is also providing significant benefits within organizations. Companies are leveraging AI to automate routine tasks, expedite data analysis, and enhance decision-making processes, enabling teams to concentrate on more valuable work.
In fast-evolving sectors like cryptocurrency and fintech, AI tools can improve fraud detection, refine trading strategies, and enhance customer service, making operations more agile and scalable.
For further insights into workforce transitions driven by AI, read about how Amazon inadvertently revealed plans to cut 16,000 jobs earlier this year.