Coinbase to cut jobs and rebuild the group as an ‘intelligence’

Coinbase plans to cut 14% of its workforce to capitalise on AI advances, as chief executive Brian Armstrong vowed to rebuild the crypto exchange as an ‘intelligence, with humans around the edge aligning it.’

In a memo to staff on Tuesday, Armstrong said all companies, including Coinbase, had reached an ‘inflection point’ at which failing to adopt AI was the biggest risk. The technology would now be at Coinbase’s ‘core’, he said in a post on X, as the US-listed group also blamed the downturn in the crypto market for the decision to cut staff.

Coinbase’s listing on Nasdaq in 2021 was hailed as a landmark moment for the crypto industry and the company has grown into one of the world’s biggest crypto exchanges. However, it has struggled amid a prolonged slump in digital asset prices.

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Victoria – FT social team