Cryptocurrency 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.