GoKawiilCryptocurrency trading platform Crypto.com announced Thursday that it is laying off 12% of its staff as the company integrates artificial intelligence.
"We are joining the list of companies integrating enterprise-wide AI. Companies that do not make this pivot immediately will fail," CEO Kris Marszalek posted on X.
"As part of this step, we have also made a targeted ~12% workforce reduction of roles that do not adapt in our new world," he added, saying the new structure prepares the company for "continued success."
A Crypto.com spokesperson told CNBC that all impacted team members have been notified, but declined to provide the exact number of employees let go.
The cryptocurrency platform's layoffs come as a growing number of companies cite AI for mass workforce reductions.
Last month, Block laid off more than 4,000 employees, almost half of its workforce.
"The core thesis is simple. Intelligence tools have changed what it means to build and run a company," CEO Jack Dorsey wrote in the announcement to shareholders.
"A significantly smaller team, using the tools we're building, can do more and do it better," Dorsey said.