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(Sharecast News) - Crypto.com is laying off 12% of its global workforce, it confirmed on Thursday, the latest tech company to slash headcount in favour of artificial intelligence.
Posting on X, founder and chief executive Kris Marszalek said the cryptocurrency platform was "joining the list of companies integrating enterprise-wide AI".
He continued: "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. This is where we must go."
Marszalek, who last month acquired the AI.com domain name for a reported $70m, said that as part of that shift, the firm had made "a targeted 12% workforce reduction of roles that do not adapt in our new world".
Neither Marszalek nor Singapore-based Crypto.com have confirmed how many people will be affected, although The Straits Times said approximately 180 employees, out of a total of around 1,500, would lose their jobs.
The newspaper said an email had been sent to affected employees by Crypto.com's HR department, explaining that the cuts were part of a reorganisation.
Crypto.com, which was founded in Hong Kong but has offices worldwide, including the US, currently has around 150m users in 90 countries. It has undergone a number of job cuts in recent years, including laying off 5% of the workforce in 2022, which it attributed the global macroeconomic downturn. It then laid off around 20% a year later, following the collapse of Sam Friedman's FTX.
Other companies laying off roles as they incorporate AI include Jack Dorsey's Block, which confirmed plans last month to axe 4,000 jobs, almost half its workforce. The X founder said at the time that a "significantly smaller team, using the tools we're building, can do more and do it better".
Facebook-owner Meta Platforms is also reportedly planning layouts that could affect up to 20% of roles.