Coinbase Announces 700 Job Cuts Amid Market Volatility

Coinbase has announced that it will be cutting approximately 700 jobs, representing about 14% of its workforce.

The move is attributed to the ongoing downturn in the cryptocurrency market, which has affected Coinbase's revenue, as well as the increasing use of artificial intelligence in its operations.

The company plans to restructure its organization and transition to an 'AI-native' model, with a flatter hierarchy and more emphasis on AI-powered teams. This includes reducing the number of levels in its organizational structure and encouraging managers to be active individual contributors.