Coinbase To Layoff 14% Of Workforce

CEO Brian Armstrong has announced that the company will be cutting 14% of its workforce due to a mix of market volatility and the rapid impact of AI on how the company operates. In a memo to employees, Brian Armstrong said the move was necessary to position the company for its “next phase of growth” while navigating a downturn in the crypto market. He pointed to two “forces converging at the same time”: the current market pullback and “AI changing how we work.” Coinbase’s decision comes as part of a wider wave of tech industry layoffs driven by increased investment in AI. Several other companies—including Pinterest, CrowdStrike, and Chegg—have likewise announced recent layoffs, pointing to the increasing influence of AI in reshaping their workforce needs.