Coinbase to cut 14% of workforce

Coinbase (COIN) will cut approximately 14% of its total workforce, CEO Brian Armstrong announced. He cited the need to adjust the company's cost structure amid the current cryptocurrency market downturn and noted that advancements in AI have maximized the productivity of smaller teams. Armstrong added that Coinbase will change its organizational structure to five levels below the CEO and COO and require managers to also perform hands-on work. The company will also reorganize to focus on AI talent capable of creating impact by managing AI agents.