Crypto exchange Coinbase to cut about 14% of workforce in AI-driven restructuring
Coinbase is cutting about 14% of its global workforce, or around 700 jobs, as part of a restructuring effort driven by artificial intelligence. The company expects to incur charges of $50 million to $60 million, primarily related to severance and other employee benefits.
Coinbase is laying off about 700 employees, or 14% of its global workforce, as it trims costs amid crypto market volatility. The company is repositioning its business for the artificial intelligence era and expects to complete the restructuring largely in the second quarter. Coinbase will incur charges of $50 million to $60 million, mainly related to severance and employee benefits. Affected employees will receive severance and transition support, including a minimum of 16 weeks of base pay for U.S. staff. CEO Brian Armstrong cited rapid advances in artificial intelligence, saying new tools are allowing non-technical teams to automate tasks with smaller teams. Coinbase has previously undertaken job cuts during crypto market downturns.
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