- Coinbase’s CEO announced a 14% workforce cut as the company shifts its focus to artificial intelligence (AI) specialists.
- The cuts are due to cyclical downturns in the crypto market and significant productivity gains thanks to AI tools.
Coinbase co-founder and CEO Brian Armstrong said in an internal email sent to all employees, объявил about cutting 14% of the workforce worldwide.
According to Armstrong, Coinbase is currently struggling with two factors simultaneously: a market downturn that is negatively impacting the company’s quarterly results, and the rapid development of artificial intelligence, which is changing the way teams work.
As part of this, the company will simplify its organizational structure, reducing the number of levels below the CEO and COO to five, and will require executives to act as “mentors” rather than simply managers. Coinbase will also focus on smaller teams using artificial intelligence and automated tools to improve productivity.
Armstrong clarified that all dismissed employees will receive full severance pay.
For those affected, we will prepare a comprehensive package of measures to help you through this transition period. wrote he.
The package will include a minimum of 16 weeks of base salary for U.S. employees, additional pay based on length of service, and the right to receive stock awards for six months.
Coinbase isn’t the first company to announce massive layoffs this year. In January, the editorial team Happy Coin News Wrote that Polygon Labs has radically changed its structure, reducing its staff by approximately 30%.
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