Coinbase to Lay Off 14% of Its Workforce

Cryptocurrency exchange Coinbase Global is set to cut its workforce by around 14%, citing the need to control costs amid unpredictable markets and the increasing influence of artificial intelligence.

The firm intends to concentrate its efforts on team members with AI expertise while reducing management tiers across the organization, according to Coinbase CEO Brian Armstrong in a post on X on Tuesday.

“Two influences are coming together simultaneously,” he remarked. “We must take proactive steps to address both.”

Coinbase’s stock rose by as much as 8% in pre-market trading.

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