COINBASE CUTS 700 JOBS IN AI-FOCUSED RESTRUCTURING
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Coinbase laid off nearly 700 employees as the cryptocurrency exchange restructures around AI capabilities. CEO Brian Armstrong cited declining crypto markets as the reason for the cuts.
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Coinbase Global Inc. is laying off approximately 700 employees, or 14% of its workforce, citing volatile crypto markets and the need to manage costs amid AI advancement. The cuts will occur mostly in Q2, with restructuring expenses reaching up to $60 million.
Coinbase will eliminate approximately 700 jobs, representing 14% of its global workforce, as the cryptocurrency exchange moves to reduce costs. CEO Brian Armstrong cited AI's impact on work practices as a driver of the restructuring.
Coinbase CEO Brian Armstrong announced a significant workforce reduction of approximately 14% today. The crypto exchange is scaling back operations in a move Armstrong described as difficult but necessary.