Coinbase To Reduce Workforce by 14%

Crypto exchange Coinbase Global plans to reduce its workforce by approximately 14%, citing the necessity to manage costs in fluctuating markets and the rise of artificial intelligence.

The company aims to focus its team on individuals with AI expertise while streamlining management layers throughout the organization, Coinbase CEO Brian Armstrong noted in a post on X on Tuesday.

“Two forces are converging at the same time,” he stated. “We must proactively address both.”

Coinbase’s shares surged by as much as 8% in pre-market trading.

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