Today I”ve made the difficult decision to reduce the size of Coinbase by ~14%. I want to walk you through why we’re doing this now, what it means for those affected, and how this positions us for the future.

According to Coinbase’s last annual report, the company had 4,951 employees. Today’s 14% workforce reduction represents nearly 700 layoffs.

Armstrong said the restructuring was necessary because “two forces are converging at the same time,” citing a crypto bear market and accelerating AI adoption as the drivers behind the layoffs:

https://www.zerohedge.com/crypto/coinbase-ceo-cuts-workforce-14-ai-agents-takeover-accelerate-white-collar-job

 

AI = the excuse “De Jours”