Coinbase Global Inc. Chief Executive Brian Armstrong announced today that the company intends to cut its headcount by around 14%, or roughly 700 jobs, citing a combination of market forces and artificial intelligence changing how the company operates. 

Posting on X, formerly Twitter, the company’s chief executive noted that although the company is “well-capitalized, has diversified revenue streams, and is well-positioned to weather any storm,” but that crypto is currently in a “down market,” causing the need to adjust Coinbase’s corporate cost structure.  

In addition to market volatility, Armstrong mentioned that AI is changing the company’s culture and work capabilities. 

“Non-technical…