Coinbase has laid off approximately 14% of its global workforce – around 700 employees – with CEO Brian Armstrong framing the cuts as a deliberate reset ahead of what he described as crypto’s next growth cycle.
In an email sent to all staff on Wednesday, Armstrong cited two converging pressures. The first was business volatility: despite what he called a well-capitalised balance sheet and diversified revenue, Coinbase’s quarter-to-quarter results remain subject to crypto market swings.
This is an email I sent earlier today to all employees at Coinbase:
Team,
Today I’ve made the difficult decision to reduce the size of Coinbase by ~14%. I want to walk you through why we’re doing this now, what it means for those affected, and…
