Crypto.com Cuts 12% of Staff, Integrates AI Across Business to Boost Efficiency

Kraken, one of the largest U.S. cryptocurrency exchanges, has expanded its regulated business in recent years while preparing for an initial public offering in the United States. As trading volumes fluctuate with crypto markets and personnel costs come under pressure, the company has accelerated its adoption of AI automation. The layoffs are also seen as a key step toward reshaping its cost structure and improving operating efficiency ahead of a listing.

Reports in July 2026 said Kraken had cut about 150 employees because broader use of AI allowed it to streamline some roles. The company had not disclosed severance amounts or the affected departments. The workforce reduction could delay its planned U.S. IPO until 2027, while exact filing and listing dates remained undisclosed.

The crypto industry cut jobs sharply in 2022–2023 after token prices collapsed, FTX failed and companies unwound excessive hiring during the bull market. In 2026, macroeconomic uncertainty and weaker trading have again weighed on the sector, with Bitcoin falling 21% in the first quarter. This time, firms are also citing AI automation and flatter management structures as reasons for downsizing, suggesting the latest cuts may not be solely about surviving a downturn but could reshape exchanges’ staffing and cost structures.

Gemini announced in February that it would cut about 200 jobs, or 25% of its workforce, with the reduction rising to 30% by mid-March. Algorand Foundation cut 25% of its workforce on March 18, followed by Crypto.com cutting another 180 jobs, or 12%, on March 19. Coinbase cut about 700 jobs on May 5 and estimated severance and restructuring charges of up to $60 million. On May 7, it reported first-quarter revenue of $1.41 billion and a net loss of $1.49 per share.