Crypto exchange Crypto.com announced it will lay off approximately 12% of its workforce, citing the need to adapt its business to the increasing capabilities of AI. According to the Straits Times, the layoffs affect about 180 employees. Crypto.com CEO Kris Marszalek stated on the X platform that companies that do not immediately undertake this transformation will fail, while those that act immediately and combine the best AI tools with top talent will achieve previously unattainable scale and precision. This layoff is the latest example of cost-cutting in the digital finance industry. Previously, cryptocurrency exchange Gemini Space Station Inc. laid off approximately 25% of its workforce earlier this year and closed its operations in the UK, Europe, and Australia. Jack Dorsey's Block Inc. announced last month that it would lay off nearly half of its workforce, citing its assessment that AI will transform the industry.