Coinbase slashes staff as AI automates workflows

Published: 2026-05-06 01:21:12 ET COIN

Published on 05/06/2026 at 01:21 am EDT

CRYPTO exchange Coinbase is planning to cut 14 per cent of its workforce just two days ahead of its next earnings report, citing a need to manage costs amid ongoing market volatility and advances in AI.

Chief executive Brian Armstrong said on Tuesday that AI was speeding up certain processes meaning fewer employees were required to run the business, with plans to concentrate remaining staff depending on their AI abilities.

The plan will see roughly 700 jobs be cut from its global workforce, with the company expecting the implementation to be completed in the second quarter of the 2026 financial year.

In a post on X, Armstrong said: "Over the past year I've watched engineers use AI to ship in days what used to take a team weeks many of our workflows are being automated.

"The pace of what's possible with a small, focused team has changed dramatically and it's accelerating everyday."

Armstrong also voiced concerns surrounding market uncertainty, warning the company is "still volatile from quarter to quarter".