Coinbase to cut 14% staff, CEO says 'AI is changing how we work'

Crypto exchange Coinbase will cut 14% of its workforce, affecting 700 staff, CEO Brian Armstrong said. He shared the letter he sent to all employees on X. "AI is changing how we work...many of our workflows are being automated...we're reshaping Coinbase to lead in this new era," he said. Armstrong cited cost-cutting as the other reason for layoffs.