In the latest in AI-related layoffs, Coinbase is cutting 14pc of its workforce, amounting to 700 employees, to save cost and adopt AI.

Crypto exchange’s CEO says the technology is speeding up its processes, meaning fewer employees are needed

Coinbase will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.

In the latest in AI-related layoffs, Coinbase is cutting 14pc of its workforce, amounting to 700 employees, to save cost and adopt AI.

Brian Armstrong, CEO of cryptocurrency exchange Coinbase, announced the company is downsizing about 14% of its workforce, in part due to AI.