Coinbase Slashes 700 Jobs to Cut Costs as AI Reshapes Work

Coinbase is axing roughly 700 employees — about 14% of its entire global workforce. The crypto exchange giant says the move is driven by a need to reduce costs.

CEO Brian Armstrong made the announcement, noting that "AI is changing how we work." The layoffs represent a significant trim for the publicly traded company (COIN), which has weathered multiple rounds of workforce reductions in recent years.

The cost-cutting push signals Coinbase is tightening its belt even as the crypto market continues to evolve. Armstrong's reference to AI suggests the company sees automation and intelligent tooling playing a growing role in its operations going forward.

No details were shared about which teams or departments are most affected by the cuts.