Crypto firms cut hundreds of jobs in weeks, blaming weak markets, strong AI

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Crypto firms cut hundreds of jobs in weeks, blaming weak markets, strong AI A wave of crypto job cuts in early 2026 exposes the gap between two convenient narratives: macro headwinds and AI transformation. By Oliver Knight | Edited by Sheldon Reback Mar 21, 2026, 6:00 p.m. Make us preferred on Google Layoffs hit crypto industry (LTapsaH/Pixabay) What to know : Algorand, Gemini, Block, Crypto.com, OP Labs, PIP Labs and Messari have all cut staff in recent weeks Companies are citing reasons ranging from weak token prices to AI integration. Messari has now laid off staff three times since 2023, shrinking from a target of 1,000 analysts to roughly 140 employees today. The Algorand Foundation on Wednesday joined the ranks of crypto firms slashing headcount, losing 25% of its fewer than 200 employees and citing "the uncertain global macro environment" and a broader crypto downturn. The cuts arrived as a wave of layoffs proliferates across the industry. In February, Gemini Space Station (GEMI) said it would eliminate roughly 200 positions , about a quarter of its staff, a figure that had grown to 30% by mid-March. On Thursday, Crypto.com said it is trimming 12% , about 180 roles. That's on top of 20 employees who got the chop at OP Labs, the company building layer-2 blockchain Optimism, earlier this month and the five full-time employees and three contractors let go at PIP Labs, the team behind Story Protocol, 10% of its workforce. Messari, a crypto data provider that now bills itself as an AI-first company, announced its third round of layoffs since 2023 alongside a CEO change, without giving a number. Official explanations varied. Algorand pointed squarely at macro conditions and weak token prices, though many framed their cuts as a pivot toward greater use of AI in the workflow. "AI is now too powerful not to use at Gemini," the company said in its letter to shareholders. "Not using AI at Gemini will soon be the equivalent of showing up to work with a typewriter instead of a laptop." "We are joining the list of companies integrating enterprise-wide AI," a Crypto.com spokesperson told CoinDesk on Thursday, pointing to increased efficiencies needing fewer workers. CEO Kris Marszalek on X said companies that do not pivot toward integrating AI into their processes will fail. Algorand's cuts reportedly hit community management and business development roles, not positions obviously displaced by AI. To be fair, the company blamed the broader crypto environment. It's ALGO token recently traded around $0.09, down 98% from its 2019 peak. Bitcoin BTC $ 70,314.33 , the largest cryptocurrency by market capitalization, has lost 20% this quarter. Industry consolidation Industry observers pointed to a broader consolidation dynamic. Entire crypto sectors like restaking, DePIN and layer 2s, which were once flush with talent have contracted sharply, while M&A activity is adding to redundancies as acqui-hires — employees acquired by buying a company — displace legacy employees. "I see no real indication that these layoffs have anything to do with AI workforce replacement at scale," said Dan Escow, the founder of crypto recruitment agency Up Top. "Entire categories like restaking, DePIN and L2s that were once robust with talent are basically non-existent. Companies are forced into cost-cutting mode to buy time to figure out how to execute on whatever comes next." The broader hiring picture supports that reading. New job postings across major crypto job boards ran at roughly 6.5 per day in January , down around 80% from the same period a year earlier. Just the companies mentioned in this story — excluding Messari, which did not disclose numbers — have announced around 450 job cuts in a matter of weeks. Thay may be the tip of the iceberg, in crypto winter of 2022 CoinDesk tracked more than 26,000 job losses over the course of the year, a tally that took months to become apparent. Jobs Artificial Intelligence More For You Grayscale wants to bring the world's hottest crypto trading frenzy to your brokerage account By Francisco Rodrigues | Edited by Aoyon Ashraf 33 minutes ago The Hyperliquid network has seen significant growth, with weekly derivatives trading volume exceeding $50 billion and 24-hour fee revenue of $1.6 million. What to know : Grayscale has filed an S-1 registration statement for the Grayscale HYPE ETF, which would hold HYPE, the native asset of the Hyperliquid network, and seek a Nasdaq listing. The Hyperliquid network has seen significant growth, with weekly derivatives trading volume exceeding $50 billion and 24-hour fee revenue of $1.6 million, making it a dominant player in the market. The increased activity has led to predictions of a potential price surge for HYPE, with Arthur Hayes suggesting it could rise to $150, and Grayscale's trust potentially staking some holdings in the future. Read full story Latest Crypto News How DeFi is quietly rebuilding the fixed-income stack for institutional capital 30 minutes ago Grayscale wants to bring the world's hottest crypto trading frenzy to your brokerage account 33 minutes ago The 5-cent contract that debunked a wartime death conspiracy 2 hours ago Strategy set for second-biggest bitcoin buying quarter despite BTC price slide 4 hours ago It could cost you up to $6 million to grab lunch with Donald Trump 4 hours ago Sam Bankman-Fried tries to get on Donald Trump’s good side by backing his Iran strikes 6 hours ago Top Stories Senators say they've reached compromise on yield to advance crypto market bill 22 hours ago Kalshi gets temporary Nevada ban in dispute over sports betting 23 hours ago Nasdaq winning SEC approval to move stocks onchain shows how Wall Street is taking charge of crypto tech Mar 20, 2026 Sam Bankman-Fried's past political cash gives AI PAC fuel for bashing NY candidate Bores 21 hours ago Bitcoin’s price action looks dangerously similar to the pattern that sent it crashing to $60,000 Mar 20, 2026 Coinbase introduces stock perpetual futures contracts for non-U.S. customers Mar 20, 2026 In this article BTC BTC $ 70,307.22 ◢ 0.79 %