Cryptocurrency exchange Coinbase Global (Nasdaq stock code: $COIN) is laying off 14% of its workforce, approximately 660 employees, as the company adopts and integrates more artificial intelligence (AI) technologies.
Coinbase CEO Brian Armstrong announced the layoff plan on social media. He also stated that the company is taking this step to respond to unfavorable market conditions.
By the end of 2025, this cryptocurrency company has over 4,700 employees worldwide.
“In the past year, I’ve seen engineers accomplish in days what used to take a whole team weeks, ” Armstrong wrote on X, adding, “The speed a small, focused team can achieve has changed dramatically…”
Employees laid off by Coinbase in the U.S. will receive at least 16 weeks of salary, plus two weeks of severance for each year worked at the company.
This is the latest in a series of layoffs across the cryptocurrency industry over the past few months, as companies adjust their strategies to navigate economic headwinds and advancements in artificial intelligence.
Gemini Station (Nasdaq ticker: $GEMI) announced it will lay off 200 employees, approximately 30% of its workforce. Crypto.com stated it will cut 12% of its staff, totaling around 180 positions.
COIN stock has declined 14% this year and is currently trading at $202.99 per share.