Coinbase cuts 660 jobs — 14% of its workforce — citing market downturn and AI efficiency gains.

Brian Armstrong announced Tuesday that Coinbase is laying off roughly 660 employees, about 14% of its 4,700-person workforce, pointing to two converging pressures: a crypto market downturn and a fundamental shift in how AI is changing engineering productivity. Armstrong wrote that he has watched engineers use AI to ship in days what previously took a team weeks, prompting a rethink of the company's cost structure.

U.S. employees will receive a minimum of 16 weeks' base pay plus two additional weeks for every year of service; international staff will receive comparable support under local law. Armstrong framed the cuts as necessary to emerge 'leaner, faster, and more efficient' heading into the next growth phase.

Coinbase is not alone. Algorand cut 25% of staff in late March, Gemini trimmed roughly 30% by mid-March, and Crypto.com announced a 12% reduction the same week. Across the…