Coinbase CEO Brian Armstrong announces the company is cutting ~700 jobs, or ~14% of its global workforce, to reduce costs, saying "AI is changing how we work"
Coinbase (COIN.O) said on Tuesday it will cut about 700 jobs, or about 14% of its global workforce …
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Coinbase Slashes 700 Jobs to Cut Costs as AI Reshapes Work
Coinbase is laying off about 14% of its workforce, with CEO Armstrong noting AI is changing how the company works.
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.