Coinbase laying off hundreds of employees, citing AI advancements

Coinbase CEO Brian Armstrong announced Tuesday that the cryptocurrency exchange is laying off hundreds of employees, pointing to the market’s current downswing and recent AI advancements.

The company plans to reduce its workforce by about 14 percent, Armstrong said in an email to employees shared to the social platform X, which is equivalent to almost 700 jobs, based on the nearly 5,000 employees it reported at the end of last year.

“Two forces are converging at the same time. We need to be front footed to respond to both,” Armstrong wrote.

He argued that Coinbase needs to “adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth” amid the current dip in the crypto market.

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