Coinbase is laying off 14% of staff, citing AI. Read the letter from its CEO.
Coinbase is cutting 14% of its workforce, affecting about 700 roles, citing AI's role in boosting efficiency. CEO Brian Armstrong said the cuts will help the company be 'leaner, faster, and more efficient' for its next phase of growth.
Coinbase is laying off 14% of its staff, approximately 700 employees. CEO Brian Armstrong announced the cuts, stating that AI has improved efficiency, allowing the company to operate with smaller teams. Coinbase joins other firms like Snap and Block in citing AI advancements as a reason for layoffs. Armstrong said the company is experimenting with 'one person teams' and flattening its structure to a maximum of five layers below the CEO and COO roles. Affected employees will receive a minimum of 16 weeks' base pay, plus 2 weeks' base pay for each year worked. Coinbase employed 4,951 people at the end of 2022.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.