Coinbase to lay off 14% of staff as part of broader restructuring

Crypto exchange Coinbase said on Tuesday it is laying off about 700 employees, or 14% of its staff, as part of a broader restructuring aimed at addressing market volatility and increasing the use of AI tools to improve efficiency.

The restructuring would see the company flattening its organizational structures to just five layers below the CEO and COO levels, according to an internal email that the company’s CEO Brian Armstrong posted on the company blog.