Coinbase is cutting 14% of its workforce, CEO Brian Armstrong stated.
On Tuesday, Armstrong took to X to publicly share the contents of an email he stated he had sent to employees earlier that day.
In the post, Armstrong stated the cuts were to “be leaner, rapider, and more efficient for our next phase of growth” during periods of volatility in the cryptocurrency market.
He also stated AI is altering the way the cryptocurrency company works.
“Over the past year, I’ve watched engineers utilize AI to ship in days what utilized to take a team weeks,” he stated.
Read the full letter on Business Insider: https://lnkd.in/d6pybR_N
(Credit: Getty Images)
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