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Coinbase
CEO Brian Armstrong said Tuesday that the company will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.
The move comes ahead of Coinbase’s first-quarter earnings, which the company is scheduled to report Thursday. Shares were up nearly 4% in premarket trading.
In a memo to employees, which he shared on X early Tuesday, Armstrong described the decision as necessary to position the firm for its “next phase of growth” while navigating the current downturn in the crypto market. He cited two “forces converging at the same time”: the current pullback in the crypto market and “AI changing how we work.”
