Coinbase to Cut 14% of Workforce Amid Crypto Market Volatility

Crypto exchange Coinbase is undergoing significant changes in response to the current market conditions. As part of an AI-driven restructuring plan, the company plans to cut about 14% of its workforce, which translates to around 700 jobs.

The decision is aimed at reducing costs amid crypto market volatility and positioning the company for the artificial intelligence era. Coinbase's CEO, Brian Armstrong, noted that rapid advances in AI are allowing non-technical teams to ship code and automate tasks with smaller, focused teams.