Coinbase is cutting about 700 jobs, roughly 14% of its global workforce, as it reorganizes around AI. Brian Armstrong told staff that AI is changing how the company works, and that smaller teams can now do work that used to require much larger groups.
The restructuring also flattens the organization by removing management layers as Coinbase pushes for faster execution. The company expects $50 million to $60 million in restructuring charges, mostly in the second quarter.
The bigger takeaway is not just lower costs. Coinbase is signaling that a major crypto firm now believes it can run leaner, automate more of the work, and rely on fewer people to do it.