COINBASE CUTS 700 JOBS IN AI-FOCUSED RESTRUCTURING

The layoffs represent a significant portion of Coinbase's workforce and mark the company's shift toward an AI-native operating model. Armstrong stated the move reflects both market conditions and the company's strategic direction. The cuts come as the broader crypto sector has faced headwinds. Bitcoin and other digital assets experienced notable declines in recent months, pressuring exchanges that depend on trading volume and user activity. Coinbase has emphasized that the restructuring aims to improve operational efficiency while building capabilities in artificial intelligence. The company plans to reallocate resources toward AI-driven products and services. The layoffs add to a wave of tech industry job cuts in recent years. Major companies across sectors have trimmed workforces amid economic uncertainty and shifting business priorities. Coinbase remains one of the largest cryptocurrency exchanges in the United States, though competition from other platforms continues to intensify.