Coinbase slashes 14% of workforce as AI layoff wave shows no signs of slowing

Coinbase CEO Brian Armstrong announced a 14% reduction in the company's global workforce, affecting approximately 700 employees. The cuts were attributed to a downturn in the crypto market and artificial intelligence 'fundamentally changing how the company operates,' according to Armstrong's statement.

The layoffs are part of a broader restructuring at Coinbase, which has faced declining trading volumes and revenue amid a prolonged crypto winter. Armstrong said the company needs to operate more efficiently and focus on core priorities, with AI enabling fewer employees to do the same work.

The layoff wave has accelerated in 2026, with tens of thousands of job cuts announced this year alone, particularly in technology and finance sectors.