Coinbase to cut 14% of workforce

Crypto exchange Coinbase Global will cut around 14% of its workforce, citing a need to manage costs in volatile markets and amid advances in artificial intelligence.

The company will be concentrating its staff around talent skilled in AI, while reducing layers of management across the business, Coinbase Chief Executive Officer Brian Armstrong said in a post on X on Tuesday.

“Two forces are converging at the same time,” he wrote. “We need to be front footed to respond to both.”

Coinbase shares jumped as much as 8% in pre-market trading.

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