More Tech Layoffs: Coinbase Cuts 14% of Workforce in AI Push

Coinbase has announced it will lay off approximately 14% of its global workforce, affecting around 700 employees. CEO Brian Armstrong cited the need for a 'leaner, AI-native structure' amid weaker cryptocurrency trading conditions. The cuts come as part of a broader restructuring to integrate more artificial intelligence into operations.

A recent Forbes article (May 7, 2026) noted that Coinbase was among the firms citing AI as the primary driver of job cuts for the second consecutive month. The 700 affected employees represent a significant portion of Coinbase's workforce, though the company has not specified which departments will be most impacted.

Analysts have pointed out that while AI is frequently cited as the reason, broader economic factors — such as declining trading volumes in crypto markets — also play a role. The layoffs are expected to be completed over the coming months.