{"id":625551,"date":"2026-05-05T21:17:09","date_gmt":"2026-05-05T21:17:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/625551\/"},"modified":"2026-05-05T21:17:09","modified_gmt":"2026-05-05T21:17:09","slug":"formerly-sf-headquartered-coinbase-to-lay-off-700-workers-in-ai-shift","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/625551\/","title":{"rendered":"Formerly SF-headquartered Coinbase to lay off 700 workers in AI shift"},"content":{"rendered":"<p>A San Francisco-founded\u00a0cryptocurrency company,\u00a0Coinbase, is set to slash 14% of its workforce as it shifts efforts toward artificial intelligence, CEO Brian Armstrong said in a Tuesday <a href=\"https:\/\/x.com\/brian_armstrong\/status\/2051616759145185723\" data-link=\"native\" class=\"\" rel=\"nofollow\">post on X<\/a>.<\/p>\n<p>The job cuts amount to approximately 700 workers, and the layoffs will be completed before the end of the second quarter of 2026, <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001679788\/000167978826000049\/coin-20260505.htm\" data-link=\"native\" class=\"\" rel=\"nofollow noopener\" target=\"_blank\">according to a<\/a> U.S. Securities and Exchange Commission filing. The related restructuring efforts will cost the company $50 million to $60 million.\u00a0<\/p>\n<p>In an email to employees that Armstrong posted on X, he said the company needs to cut costs because the crypto industry has been \u201cvolatile from quarter to quarter\u201d\u00a0and the market is currently down. He said the company will be reducing management layers and \u201cconcentrating around AI-native talent.\u201d In another structural shift, Armstrong said Coinbase will be experimenting with \u201cone person teams\u201d with \u201cengineers, designers, and product managers all in one role.\u201d<\/p>\n<p>\u201cThe biggest risk now is not taking action,\u201d Armstrong wrote on X. \u201cWe are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core.\u201d<\/p>\n<p>Laid-off employees will receive a minimum of 16 weeks base pay and an additional two weeks per year worked, their next batch of company stock, and six months of health insurance. Employees who are on a work visa will get \u201cextra transition support,\u201d and employees who work internationally may receive different severance packages.<\/p>\n<p>Armstrong called the removal \u201csudden and harsh,\u201d but he said the decision was the \u201conly responsible choice\u201d to protect customer information. In an email, Coinbase spokesperson Jaclyn Sales mentioned Armstrong\u2019s post on X about \u201cbuilding a leaner and faster Coinbase\u201d but did not respond to SFGATE\u2019s\u00a0additional questions.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"A San Francisco-founded\u00a0cryptocurrency company,\u00a0Coinbase, is set to slash 14% of its workforce as it shifts efforts toward artificial&hellip;\n","protected":false},"author":2,"featured_media":625552,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[182,181,507,243150,245396,74],"class_list":["post-625551","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-sfgnews","tag-sfgtech","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/625551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=625551"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/625551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/625552"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=625551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=625551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=625551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}