Coinbase Lays Off 14% of Employees as A.I. Changes Work
Coinbase, the largest U.S. crypto exchange, plans to lay off 14% of its workers due to cryptocurrency market volatility and to optimize for the artificial intelligence era. The restructuring will cost $50 million to $60 million in severance payments and other expenses.
Coinbase, the largest U.S. crypto exchange, is laying off 14% of its employees, or about 700 workers, due to cryptocurrency market volatility and to adapt to the artificial intelligence era. The company will incur $50 million to $60 million in costs related to the restructuring. Coinbase's CEO, Brian Armstrong, stated that the company is reshaping to lead in the new AI era and will have smaller teams with humans managing AI agents. The move follows similar layoffs by other tech companies, including Block and Meta, citing AI's impact on their operations. Coinbase aims to become 'lean, fast, and AI-native' with fewer layers under its CEO and COO.
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