"While we've managed through that cyclicality many times before and come out stronger on the other side, we're currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth."
"AI is changing how we work. Over the past year, I've watched engineers use AI to ship in days what used to take a team weeks. Non-technical teams are now shipping production code and many of our workflows are being automated."
"The pace of what's possible with a small, focused team has changed dramatically, and it's accelerating every day [...] This is a new way of working, and we need to leverage AI across every facet of our jobs."
Coinbase is laying off approximately 700 employees, representing 14% of its workforce, as part of a restructuring initiative. The company aims to address market volatility and enhance efficiency through the use of AI tools. The reorganization will flatten the organizational structure to five layers and require managers to contribute more. Coinbase anticipates severance costs of $50 million to $60 million. CEO Brian Armstrong emphasized the need to adjust the cost structure in response to the current down market and highlighted the transformative impact of AI on workflows.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]