Crypto exchange Coinbase will cut about 14% of its workforce as it responds to market volatility and the growing impact of artificial intelligence, CEO Brian Armstrong said in a memo shared on X, as reported by CNBC.
Armstrong said the layoffs are aimed at preparing the company for its “next phase of growth.” He pointed to a downturn in crypto markets and rapid advances in AI that are reshaping how work is done. According to the memo, Coinbase plans to become “leaner” and more AI-driven.
🚨 AI LAYOFFS ARE NOW HITTING CRYPTO.
— Crypto Rover (@cryptorover) May 5, 2026
Brian Armstrong says Coinbase will cut 14% of its workforce.
AI is replacing entire workflows, small teams now do weeks of work in days.
This is just the beginning. pic.twitter.com/uUFJEAokyo
The company’s shares rose nearly 4% in premarket trading ahead of its earnings report. Armstrong maintained a positive outlook on crypto, citing stablecoins and tokenization as future growth drivers.
The report said the move reflects a broader trend across the tech sector, where firms are reducing headcount while increasing AI adoption. Coinbase had previously implemented layoffs during the 2022 crypto slump.
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