Coinbase: Cuts 14% Staff Amid Downturn

Coinbase axes 14% of its staff—around 1,000 jobs—in a fresh round of cuts, blaming the ongoing crypto market downturn and rapid AI adoption, CEO Brian Armstrong announced. This move mirrors the exchange's brutal 2022-2023 bear market layoffs, when it shed 18% of roles as Bitcoin (BTC) prices cratered below $20,000. Armstrong points to AI tools streamlining operations, slashing costs in a sector hammered by regulatory scrutiny and declining trading volumes. Investors eye Coinbase stock amid crypto winter predictions, with AI in crypto industry reshaping workforce dynamics and fueling Coinbase layoffs 2026 trends. No word on severance, but the firm vows to refocus on core products like its wallet and staking services.