Coinbase to cut 14% of staff

Coinbase has announced a 14% reduction in its global workforce, affecting approximately 700 employees as the company pivots toward an AI-driven organizational structure.

CEO Brian Armstrong stated that the exchange is moving away from 'pure managers' in favor of a flatter hierarchy of 'player-coaches' who perform technical work.

The restructuring aims to improve operational efficiency and reduce costs amid a volatile cryptocurrency market.

The move mirrors broader trends in the tech industry where firms are increasingly utilizing AI to automate management and coding tasks.