Coinbase, the cryptocurrency trading platform, announced plans to lay off around 700 employees, accounting for about 14% of its total global workforce, as part of a broad restructuring plan aimed at reducing costs and adapting to the slowdown in the crypto market, along with redirecting its business model toward the era of artificial intelligence.

The company revealed, in an official disclosure submitted to the U.S. Securities and Exchange Commission, that it expects restructuring costs ranging between $50 million and $60 million, mainly focused on severance pay and benefits related to employment termination, with the plan to be completed during the second quarter of 2026.

CEO Brian Armstrong said the decision was driven by two main factors: the continued weakness of the cryptocurrency market and the accelerating impact of artificial intelligence on the work environment.

Armstrong explained, in a post on the "X" platform, that the company is going through a downturn cycle requiring a cost structure reset to become more flexible and efficient when growth returns, adding that AI is fundamentally changing the way the company operates.

He pointed out that Coinbase engineers are now using AI tools to accomplish tasks in days that previously took entire teams weeks to complete, considering these shifts a turning point not only for Coinbase but for the entire business sector.

He added that the biggest risk currently is not in the transition itself but in falling behind it, emphasizing that the company is moving early to rebuild Coinbase into “more agile, faster, and AI-native,” with a renewed focus on startup mentality, but this time with artificial intelligence at the core of operations.

Armstrong stressed that AI is no longer just a support tool but has become a fundamental element in reshaping companies, confirming that Coinbase aims to redesign all its functions around this technology to lead the next phase.

He confirmed that employees affected by the decision will receive "generous" severance packages, starting from 16 weeks of salary, along with additional benefits related to years of service, varying depending on the country where each employee works...
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