Coinbase lays off about 700 people and accelerates AI transformation

Techub News reported, citing Times of India, that Coinbase CEO Brian Armstrong announced the company will lay off approximately 700 employees (14% of its workforce) in response to market volatility, and will restructure its business operations to flatten management layers and accelerate decision-making.

The restructuring plan limits management layers to no more than five levels below the CEO and COO, and experiments with a "one-person team" model to integrate engineering and product functions. The company expects to incur severance costs of between $50 million and $60 million, aiming to improve team efficiency through AI tools.