Major layoffs at cryptocurrency exchange Coinbase

In the email, Armstrong stated, "Today, I have made the difficult decision to reduce the size of Coinbase by approximately 14 percent."

Citing market conditions and artificial intelligence as reasons for this decision, Armstrong pointed to market volatility and noted that while the company is well-capitalized and has diverse revenue streams, its business continues to fluctuate on a quarterly basis.

Emphasizing that current market conditions require an adjustment to the cost structure, Armstrong stated that this step aims to enable the company to continue its operations in a leaner, faster, and more efficient manner.

Drawing attention to how artificial intelligence is changing the way of working, Armstrong expressed that this makes it possible to accomplish more work with smaller, focused teams.

Armstrong noted that there will also be changes to the company's operating model, stating that they aim for a structure with fewer layers that can make decisions faster, that managers will actively contribute, and that they will focus on talent with expertise in artificial intelligence.

News Source: 12punto