Coinbase plans to cut 14% of its workforce, citing AI advancements and a prolonged crypto downturn. CEO Brian Armstrong stated AI tools now enable tasks once requiring teams to be completed in days, reducing operational needs. “Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks,” he said on X. The move follows a 14% stock decline this year, though shares rose 4% pre-market Tuesday amid cost-cutting optimism.

The San Francisco-based exchange—a top U.S. crypto platform—faces mounting pressure as digital asset prices remain sluggish, forcing strategic retrenchment.