Crypto.com has laid off approximately 12% of its workforce, affecting roughly 180 employees out of a total of 1,500. The company's CEO, Kris Marszalek, framed the decision as a strategic pivot, stating that companies which rapidly adopt artificial intelligence (AI) and combine it with top-tier talent will experience accelerated growth, while others may struggle to survive. This move is part of a broader trend where cryptocurrency firms are seeking to reduce costs and enhance operational efficiency during a period of sluggish market conditions characterized by lower trading volumes and increasing regulatory scrutiny.
Simultaneously, crypto exchange Gemini has executed a more severe reduction, cutting about 30% of its staff since January. This brings its total workforce down to approximately 445 employees. Similar to Crypto.com, Gemini is implementing AI tools to drive efficiency and lower operational expenses. The layoffs follow a challenging financial period for Gemini, which reported a net loss of nearly $585 million for the year 2025, with revenue of only about $60 million in the final quarter.
The workforce reductions at both exchanges are not isolated incidents but part of a wider consolidation effort within the industry. Gemini's cuts come after previous rounds of layoffs, its exit from markets in the United Kingdom, European Union, and Australia, and internal leadership changes as the firm attempts to stabilize its business operations amid a difficult market environment.
