A San Francisco-founded cryptocurrency company, Coinbase, is set to slash 14% of its workforce as it shifts efforts toward artificial intelligence, CEO Brian Armstrong said in a Tuesday post on X.
The job cuts amount to approximately 700 workers, and the layoffs will be completed before the end of the second quarter of 2026, according to a U.S. Securities and Exchange Commission filing. The related restructuring efforts will cost the company $50 million to $60 million.
In an email to employees that Armstrong posted on X, he said the company needs to cut costs because the crypto industry has been “volatile from quarter to quarter” and the market is currently down. He said the company will be reducing management layers and “concentrating around AI-native talent.” In another structural shift, Armstrong said Coinbase will be experimenting with “one person teams” with “engineers, designers, and product managers all in one role.”…