Embrace AI or Get Left Behind: Job Cuts Sweep Through Crypto Firms

A spate of AI-tinged job cuts at crypto and payments companies has brought up a curious question for analysts and investors: how does one assess whether the artificial intelligence part is real?

The debate started in February after Block Inc., the owner of Square and Cash App, announced it would cut a whopping 50% of staff, citing a secular change in how AI affects its operations. Gemini Space Station Inc. and Crypto.com made similar announcements, followed by Coinbase Global Inc. and PayPal Holdings Inc. this week.