On Tuesday, Coinbase CEO Brian Armstrong revealed that roughly 14% of the crypto exchange’s workforce will be laid off. Armstrong cited volatility in the crypto market and the company’s expanding adoption of AI tools as the main reasons behind the move. Coinbase is far from the first crypto business to blame AI for cuts to its workforce. It has become a common story over the past few months, with key Coinbase competitors Gemini and Crypto.com making similar moves in March.

Armstrong outlined the decision in an email sent to all Coinbase employees and later posted on X. According to Armstrong, the crypto market remains volatile from one quarter to the next, even as the company sits on diversified revenue and prepares…