""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," Armstrong wrote."
""In cutting middle manager roles, which slow things down and create coordination tax, leaders will have as many as 15 direct reports and the company will have a leaner cost structure that is built to perform through all market cycles.""
""Coinbase will focus on AI-native talent," Armstrong said. He also explained that the company will experiment with one-person teams, in which a single person will complete the tasks of engineers, designers, and product managers."
""Impacted U.S. employees will receive a minimum of 16 weeks' base pay, as well as two weeks' pay per year worked. Coinbase employees who are on a work visa will receive extra transition support," he added."
Coinbase is undergoing significant layoffs and restructuring to adapt to a down market. CEO Armstrong announced plans to flatten the company's structure, reducing middle management roles and allowing leaders to have up to 15 direct reports. The company aims to focus on AI-native talent and experiment with one-person teams. Affected employees will receive a minimum of 16 weeks' base pay and additional support for those on work visas. Other companies, like Meta and Snap, are also reducing their workforce due to similar market pressures and advancements in AI.
Read at Fast Company
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