Coinbase to lay off 700 workers as crypto company embraces AI

Coinbase announced connected Tuesday that it is cutting 700 jobs, oregon astir 14% of its workforce, arsenic the cryptocurrency trading institution turns to artificial quality to trim costs and boost productivity. 

In a letter to employees shared connected societal media, Coinbase co-founder and CEO Brian Armstrong said the crypto speech is streamlining its operations amid continued marketplace volatility.

"While we've managed done that cyclicality galore times earlier and travel retired stronger connected the different side, we're presently successful a down marketplace and request to set our outgo operation present truthful that we look from this play leaner, faster and much businesslike for our adjacent signifier of growth," helium wrote.

Armstrong besides said Coinbase plans to displacement immoderate jobs to managing fleets of AI agents. Coinbase volition experimentation with "one-person teams" that harvester the duties of engineers, designers and merchandise managers, helium said. 

"This is simply a caller mode of working, and we request to leverage AI crossed each facet of our jobs," Armstrong said.

As of the extremity of 2025, Coinbase had astir 5,000 employees, according to a regulatory filing. The institution expects to implicit the layoffs by the 2nd 4th of 2026. Coinbase estimates it volition incur $50 cardinal to $60 cardinal successful restructuring costs.

Coinbase is the latest successful a wave of companies to denote AI-related occupation cuts. In February, Jack Dorsey said his fiscal exertion institution Block would chopped its workforce by astir fractional arsenic it uses AI to summation productivity. Other companies that person cited AI successful their layoff announcements see Chegg, CrowdStrike and Pinterest.

Edited by Alain Sherter

In:

• Technology
• Cryptocurrency
• Artificial Intelligence
• Coinbase