Coinbase will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.

"Over the past year, I've watched engineers use AI to ship in days what used to take a team weeks," Coinbase CEO Brian Armstrong wrote.

Coinbase, the popular cryptocurrency exchange platform, announced to its team that it will be cutting roughly 14% of its staff.  The company’s Chief Executive Brian Armstrong told employees in a memo that it would be downsizing headcount due to a “volatile” quarter-to-quarter operations in its business,

Coinbase CEO Brian Armstrong announces a 14% workforce reduction, citing AI's transformative impact on operations and the need for a leaner company structure.

Brian Armstrong, CEO of cryptocurrency exchange Coinbase, announced the company is downsizing about 14% of its workforce, in part due to AI.

Coinbase CEO Brian Armstrong announced Tuesday that the cryptocurrency exchange is laying off hundreds of employees, pointing to the market’s current downswing and recent AI advancements. The company plans to reduce its workforce by about 14 percent,

Launched in 2012, Coinbase (Nasdaq: COIN) is now the largest cryptocurrency trading exchange in the United States. The brokerage firm Robinhood Markets (Nasdaq: HOOD), launched in 2013, has also become very popular among crypto traders. But a Wall Street bank is now attempting to challenge these dominant players with lower fees.

Quick Read Coinbase (COIN) reported Q4 revenue of $1.80B, missing expectations and falling 20% year-over-year, while posting a $667M net loss from crypto holdings markdowns; institutional derivatives revenue hit record levels and Coinbase One subscriptions approached 1M users.