Coinbase Reduces Workforce Amid AI Growth and Market Volatility

Crypto exchange Coinbase has announced plans to reduce its workforce by almost 14% as part of its restructuring strategy. This move comes amid rapid growth in artificial intelligence and market volatility, with the CEO stating that AI's key role in revolutionizing workplace efficiency is a driving factor.

The company aims to become more efficient and leaner while responding to shifting market dynamics. To achieve this, Coinbase will be introducing 'AI-native pods', which will comprise individuals working with cutting-edge AI agents and systems to increase output.

As part of the restructuring process, impacted workers in the US will receive a 16-week base pay package, along with other benefits such as compensation.