Coinbase Announces Layoffs Amid Industry Shift to AI-Driven Work

Crypto exchange Coinbase has announced a significant restructuring effort in response to the increasing role of artificial intelligence (AI) in the industry.

According to the company's CEO, Brian Armstrong, the move is necessary to position Coinbase for success in a rapidly changing market. Armstrong noted that AI is accelerating the pace at which work can be done and that the company needs to adapt its operations accordingly.

The layoffs affect 14% of Coinbase's staff, with employees set to receive support packages including severance pay and career transition assistance. US-based employees will receive a minimum of 16 weeks' base pay plus additional benefits, while those on work visas will receive extra transition support.