U.S. cryptocurrency exchange Coinbase will cut 660 employees, about 14 percent of its total workforce, CoinDesk reported on May 5 (local time).
Coinbase CEO Brian Armstrong (브라이언 암스트롱) disclosed the layoff plan on social media platform X (Twitter).
Armstrong cited a market downturn and changes in how work is done due to AI. He said the company needs to adjust its cost structure to match the current downturn and prepare for the next stage of growth.
He also cited AI as a key factor behind the cuts. "Over the past year, engineers have used AI to launch work in days that used to take weeks," Armstrong said. "The speed that small teams can deliver has changed significantly, and that change is accelerating," he said.
Coinbase lists more than 4,700 employees on its website. Employees affected in the United States will receive at least 16 weeks of base pay and severance equal to 2 weeks for each year of service. Employees outside the United States will also receive similar support in line with local laws.
Chi-gyu Hwang
delight@d-today.co.kr