Coinbase lays off 14% of staff in pivot to AI-native operations: 700 jobs impacted, restructuring to cost 60 mn
Coinbase, the largest US crypto exchange, is laying off 14% of its staff, around 700 employees, as it pivots to AI-native operations. The restructuring is expected to cost between $50 million and $60 million.
Coinbase, the biggest crypto exchange in the United States, is laying off around 700 employees, or 14% of its workforce. The company cited the ups and downs in the crypto market and the growing impact of artificial intelligence on its operations. The restructuring will cost between $50 million and $60 million, including severance pay and termination benefits. Coinbase is moving towards smaller teams that include people managing AI agents and human managers. CEO Brian Armstrong said the company needs to leverage AI across every facet of its jobs. The move is part of a wider trend across tech companies, with firms like Block Inc., Meta Platforms, and Microsoft also restructuring and investing in AI.
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