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Techub News reports, according to the Times of India, Coinbase CEO Brian Armstrong announced that to cope with market fluctuations, the company will lay off about 700 employees (14% of the total staff) and reorganize its business structure to streamline management levels and accelerate decision-making. The restructuring plan will limit management levels to within five tiers below the CEO and experiment with a "one-person team" model integrating engineering and product functions. The company expects to incur severance costs of $50 million to $60 million, aiming to enhance team efficiency through AI tools.