3 days ago
Brian Armstrong, the CEO astatine Coinbase, announced a workforce simplification of astir 660 from its existent 4,700.
Updated May 5, 2026, 11:49 a.m. Published May 5, 2026, 11:38 a.m. 2 min read
Coinbase is acceptable to slashing its workforce by astir 14%, oregon 660 employees successful effect to antagonistic marketplace conditions and AI challenges.
CEO Brian Armstrong announced the cuts in an X station connected Tuesday, citing the "two forces" that converged successful his firm's determination to slash staff.
Coinbase has much than 4,700 employees, according to its website, truthful 14% would beryllium equivalent to astir 660.
"While we've managed done that cyclicality galore times earlier and travel retired stronger connected the different side, we're presently successful a down marketplace and request to set our outgo operation present truthful that we look from this play leaner, faster, and much businesslike for our adjacent signifier of growth," said the CEO of the Nasdaq-listed company.
The 2nd crushed is AI, and however it is changing the mode Coinbase operates, helium said. "Over the past year, I've watched engineers usage AI to vessel successful days what utilized to instrumentality a squad weeks," Armstrong stated, adding that "the gait of what's imaginable with a small, focused squad has changed dramatically, and it's accelerating each day."
The Coinbase CEO said that employees laid disconnected successful the U.S. volition person a minimum of 16 weeks' basal pay, positive 2 weeks of severance wage for each twelvemonth they were employed by the company. He besides said that those not successful the U.S. would person akin enactment nether section law.
"Over the past 13 years, we person weathered 4 crypto winters, gone public, and built the astir trusted level successful our industry," helium said.
A wave of crypto layoffs this year has highlighted the spread betwixt 2 convenient narratives: macro headwinds and AI transformation. Algorand chopped its unit by 25% successful precocious March, citing "the uncertain planetary macro environment" and a broader crypto downturn. Gemini Space Station (GEMI) said it would destruct astir 200 positions successful February, astir a 4th of its staff, a fig that had grown to 30% by mid-March. On Thursday, Crypto.com said it is trimming 12% of its workforce, astir 180 roles.
All but Algorand pointed straight to macro conditions, anemic token prices and a pivot toward greater usage of AI successful the workflow.
UPDATE (May 5, 2026, 11:50 UTC): Amends lede and adds rationale for estimation of fig of employees laid off.
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