tech
Coinbase to lay off 700 workers as cryptocurrency exchange embraces AI
Coinbase announced on Tuesday that it is cutting 700 jobs, or roughly 14% of its workforce, as the cryptocurrency trading company turns to artificial intelligence to reduce costs and boost productivity.
TL;DR
- Coinbase is cutting 700 jobs, representing 14% of its workforce.
- The layoffs are driven by the company's strategy to leverage artificial intelligence for cost reduction and productivity gains.
- CEO Brian Armstrong cited continued market volatility as a reason for adjusting the cost structure.
- Coinbase plans to shift some jobs to managing AI agents and explore 'one-person teams' combining multiple roles.
- The company expects to incur $50 million to $60 million in restructuring costs.
- Coinbase had nearly 5,000 employees at the end of 2025, and the layoffs are expected to conclude by Q2 2026.
- Other companies like Block, Chegg, CrowdStrike, and Pinterest have also announced AI-related job cuts.