Crypto.com cuts 12% workforce, acquires AI.com for $70 million to fund AI push
Crypto.com cut 12% of its workforce as CEO Kris Marszalek said shifting to enterprise-wide AI is essential, without disclosing total jobs eliminated. Marszalek’s unit spent $70 million to acquire the AI.com domain and plans to reinvest payroll savings into AI infrastructure and development.
1. Workforce Reduction and Pivot to AI
Crypto.com announced a reduction of 12% of its global workforce as CEO Kris Marszalek emphasized the necessity of shifting roles to support enterprise-wide AI capabilities. The total number of positions eliminated was not disclosed, though all affected employees have been informed of the decision.
2. Strategic AI Investments
Marszalek acquired the AI.com domain for $70 million in February and signaled plans to allocate capital toward AI infrastructure, enterprise growth, and AI agent development. This follows a prior 20% staff cut in 2023 amid financial restructuring after the FTX collapse.