"Coinbase plans to experiment with smaller AI-native teams, including one person teams that combine engineering, design, and product roles. AI tools have allowed employees to complete work in days that previously took entire teams weeks."
"I know this feels sudden and harsh, but it is the only responsible choice given our duty to protect customer information. Laid-off workers will receive at least 16 weeks of base pay, with additional compensation based on years worked."
Coinbase is reducing its workforce by 14%, equating to about 700 jobs, due to a downturn in the cryptocurrency market. CEO Brian Armstrong announced the layoffs while introducing a shift towards AI-driven one-person teams that integrate engineering, design, and product roles. Employees affected by the layoffs will receive at least 16 weeks of base pay and additional compensation based on tenure. This decision follows a previous layoff of 1,100 employees in 2022, as the company aims for greater efficiency and automation in its operations.
Read at sfist.com
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