SF-based cryptocurrency company Coinbase announced it's cutting 14% of its workforce as it moves to implement "one-person teams" using artificial intelligence.
Coinbase CEO Brian Armstrong announced on X Tuesday that about 700 jobs will be eliminated, which represents 14% of the company's workforce, citing a downturn in the crypto market. Coinbase, founded in San Francisco, now operates primarily remotely.
As the Chronicle reports, workers who received layoff notices lost access to Coinbase's systems Tuesday.
“Coinbase prides itself on talent density,” said Armstrong. “Our employees are among the most talented people in the world, and I have no doubt that your skills and experience will be highly sought after as you pursue your next chapters.”
Armstrong said Coinbase plans to experiment with smaller “AI-native” teams, including “one person teams” that combine engineering, design, and product roles, per the Chronicle. He said AI tools have allowed employees to complete work in days that previously took entire teams weeks, while more workflows across the company are being automated.
The layoffs reportedly were announced ahead of Coinbase’s first-quarter earnings report Thursday.
Armstrong said laid-off workers would receive at least 16 weeks of base pay, with additional compensation based on years worked. He said employees on work visas would receive extra support.
“I know this feels sudden and harsh, but it is the only responsible choice given our duty to protect customer information,” he said.
Back in 2022, SFist reported that Coinbase laid off 1,100 employees, which was 20% of its workforce at the time. According to SFGate, the company had expanded too quickly and reneged on job offers.
Coinbase reportedly had a headcount of around 5,000 at the end of 2025.
Coinbase becomes just the latest Bay Area tech firm to slash its staff as AI eliminates the need for some roles, and as they seek greater "efficiencies" and profits. Meta announced 8,000 layoffs late last month, which may be just the first two mass layoffs this year. And Oakland-based Block laid off 40% of its staff in February, or around 4,000 workers, with CEO Jack Dorsey saying, "A significantly smaller team, using the tools we’re building, can do more and do it better."
Previously: Cryptocurrency Giant Coinbase Lays Off 20% of Staff
Image: New York Times columnist Andrew Ross Sorkin and Coinbase CEO Brian Armstrong speak onstage during the 2025 New York Times Dealbook Summit at Jazz at Lincoln Center on December 03, 2025 in New York City. (Photo by Michael M. Santiago/Getty Images)
