Coinbase to lay off 700 workers as crypto company embraces AI

MoneyWatch Coinbase to lay off 700 workers as cryptocurrency exchange embraces AI .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham May 5, 2026 / 9:51 AM EDT / CBS News Add CBS News on Google Coinbase announced on Tuesday that it is cutting 700 jobs, or roughly 14% of its workforce, as the cryptocurrency trading company turns to artificial intelligence to reduce costs and boost productivity. In a letter to employees shared on social media, Coinbase co-founder and CEO Brian Armstrong said the crypto exchange is streamlining its operations amid continued market volatility."While we've managed through that cyclicality many times before and come out stronger on the other side, we're currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster and more efficient for our next phase of growth," he wrote.Armstrong also said Coinbase plans to shift some jobs to managing fleets of AI agents. Coinbase will experiment with "one-person teams" that combine the duties of engineers, designers and product managers, he said. "This is a new way of working, and we need to leverage AI across every facet of our jobs," Armstrong said.As of the end of 2025, Coinbase had nearly 5,000 employees, according to a regulatory filing. The company expects to complete the layoffs by the second quarter of 2026. Coinbase estimates it will incur $50 million to $60 million in restructuring costs.Coinbase is the latest in a wave of companies to announce AI-related job cuts. In February, Jack Dorsey said his financial technology company Block would cut its workforce by nearly half as it uses AI to increase productivity. Other companies that...