Coinbase Global Cuts 14% Of Staff As It Employs More A.I.

2026-05-05 09:55:22 ET

Cryptocurrency exchange Coinbase Global (NASDAQ: ) is cutting 14% of its workforce, or about 660 people, as it adopts and employs more artificial intelligence (A.I.) technologies.

Coinbase Chief Executive Officer (CEO) Brian Armstrong announced the job cuts on social media. He also said the company is responding to negative market conditions.

The crypto firm had more than 4,700 employees worldwide at the end of 2025.

"Over the past year, I've watched engineers use AI to ship in days what used to take a team weeks," Armstrong wrote on X, adding that "the pace of what's possible with a small, focused team has changed dramatically…"

Coinbase employees laid off in the U.S. will receive a minimum of 16 weeks pay, plus two weeks of severance pay for every year they were employed by the company.

This is the latest in a series of crypto layoffs in recent months as companies adjust to economic headwinds and A.I. technologies.

Gemini Space Station (NASDAQ: ) announced it would eliminate 200 positions, equal to about 30% of its staff. Crypto.com has said it is trimming 12% of its workforce, or about 180 positions.

COIN stock is down 14% this year and trading at $202.99 U.S. per share.