Coinbase Cuts 700 Workers, Joins Tech Layoff Wave Driven by AI Adoption

The crypto exchange said it is rebuilding itself around AI while maintaining its long-term bet on crypto adoption.

The mobile phone icon for the Coinbase application. Richard Drew/AP Photo

Cryptocurrency exchange Coinbase is letting go of roughly 700 employees, citing the way artificial intelligence (AI) is “fundamentally changing” how the company operates.

The cuts amount to about 14 percent of Coinbase’s workforce, CEO Brian Armstrong announced on May 5, saying AI has brought the company to “an inflection point.”