"The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core."
"Laid-off employees will receive a minimum of 16 weeks base pay and an additional two weeks per year worked, their next batch of company stock, and six months of health insurance."
"Armstrong called the removal 'sudden and harsh,' but he said the decision was the 'only responsible choice' to protect customer information."
Coinbase plans to reduce its workforce by 14%, equating to around 700 employees, as part of a strategic shift towards artificial intelligence. This restructuring will incur costs between $50 million and $60 million. CEO Brian Armstrong cited the volatile nature of the crypto market as a reason for the layoffs, which will be completed by the end of Q2 2026. Employees will receive severance packages, including base pay and health insurance. Armstrong emphasized the need for a leaner, faster organization focused on AI.
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