Coinbase to Cut 14% of Staff, Citing Volatile Markets and AI (3)

Crypto exchange Coinbase Global Inc. will cut around 14% of its workforce, citing a need to manage costs in volatile markets and technological advances in artificial intelligence.

The company plans to concentrate remaining staff around AI skills while reducing layers of management, Coinbase Chief Executive Officer Brian Armstrong said in an X post on Tuesday. In this new structure, some teams may consist of just one person, he said, with the responsibilities of engineers, designers and product managers combined into a single role.

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