Key Highlights

  • Crypto.com laid off around 12% of its global workforce, about 180 employees, as part of a restructuring, according to The Straits Times.

  • The company framed the move as part of an enterprise-wide AI rollout and a push to reduce internal complexity and inefficiencies. 

  • The hardest-hit teams included growth and customer relationship management, with some Singapore-based staff affected. 

Crypto.com has cut roughly 12% of its workforce as it reorganizes around enterprise-wide AI adoption, marking the company’s latest round of staff reductions as crypto firms and fintechs retool for automation-driven operations.

The Straits Times reported that around 180 employees were laid off globally. Staff were informed on March 19, and at least some employees learned they were affected after losing access to internal tools such as Slack, according to one account cited in the reporting. 

In messages relayed to employees, Crypto.com’s HR team described the cuts as part of a reorganization and a pivot toward “key business initiatives.” During an internal call referenced by the reports, a senior executive acknowledged the company had become “layered and siloed,” which slowed execution and created inefficiencies, and said the firm now needs to take advantage of new tools and platforms becoming available. 

Crypto.com tied the restructuring directly to AI adoption: “We are joining the list of companies integrating enterprise-wide AI… As we continue to prioritise resources around key growth areas and drive efficiencies across our business, we reduced our workforce by approximately 12 per cent.” The company added that impacted employees had been notified and would receive support resources. 

The hardest-hit departments included growth and customer relationship management, and more than half of a 20-person team in Singapore’s growth function had been laid off.

This is Crypto.com’s third major workforce reduction in four years. The firm cut around 5% of staff in 2022 and reduced headcount by 20% in 2023 following the post-FTX downturn.