- Crypto.com lays off ~12% of workforce (~180 employees)
- Restructuring driven by shift toward AI and efficiency
- Growth and CRM teams most impacted
- Company cites layered structure and inefficiencies
- Over 100 million users reported in 2024
Cryptocurrency exchange Crypto.com, headquartered in Singapore, has laid off approximately 12% of its global workforce, affecting around 180 employees. The move is part of a broader strategic restructuring effort, according to reports.
The company’s human resources department informed affected employees via email on the morning of Thursday, March 19. The communication stated that the layoffs were due to organizational restructuring but did not provide detailed explanations beyond a shift “towards key business initiatives.”
Confusion Among Employees
One Singapore-based employee, who requested anonymity, said she became aware of her termination after losing access to the company’s Slack communication platform that same morning.
Later that day, during an internal call, a human resources representative stated that roughly 10% of the global workforce had been laid off, noting that the percentage varied across departments.
Leadership Cites Structural Inefficiencies
A senior executive explained during the call that the company’s rapid growth had resulted in a “layered and siloed” organizational structure. The company has grown to the point where our structure has become quite layered and siloed, which has slowed us down and created inefficiencies,” the executive said. The executive added that the company is at a “critical point” where it must adopt new tools, platforms, and technologies to remain competitive.
In a statement, Crypto.com confirmed that the layoffs are part of a broader move to integrate artificial intelligence across its operations.
“We are joining the list of companies integrating enterprise-wide AI (artificial intelligence). As we continue to prioritise resources around key growth areas and drive efficiencies across our business, we reduced our workforce by approximately 12 percent.”
The company emphasized that the restructuring aims to align resources with future growth priorities.
Departments Most Affected: According to reports, the growth and customer relationship management (CRM) departments were the hardest hit. In Singapore alone, more than half of the employees in these teams approximately 20 individuals were laid off. Crypto.com had a global headcount exceeding 1,500 prior to the layoffs, though the exact number of Singapore-based employees affected remains unclear.
In a public statement, company leadership underscored the urgency of adopting AI:
“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.”
The statement also confirmed that impacted employees have been notified and are receiving support resources during the transition.
Crypto.com reported having more than 100 million registered users in 2024, reflecting significant global expansion. The restructuring marks a shift in focus as the company adapts to evolving technological and operational demands.
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