Coinbase announced on Tuesday the reduction of 700 jobs, or about 14% of its workforce, as it aims to cut costs and boost productivity through artificial intelligence. In a social media post, Coinbase co-founder and CEO Brian Armstrong outlined plans for streamlining operations amid market volatility.
Armstrong emphasized that while the company has weathered such cycles before, current conditions necessitate an adjustment in cost structure to emerge leaner, faster, and more efficient for future growth. He also announced plans to shift some roles to managing AI agents, with “one-person teams” combining duties of engineers, designers, and product managers.
Coinbase had approximately 5,000 employees as of the end of 2025, according to a regulatory filing. The company anticipates completing layoffs by Q2 2026, with estimated restructuring costs ranging from $50 million to $60 million. This move follows similar AI-related job cuts at other companies like Block and Chegg.