Cryptocurrency exchange Coinbase said it’s slashing roughly 14% of its workforce or about 700 workers, partly because artificial intelligence is reshaping the way people work.

“The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native,” Coinbase Chief Executive and co-founder Brian Armstrong said in a Tuesday email to employees.

The email, which was posted on social media, said engineers with the help of AI are completing work in days rather than weeks. As more tasks get automated, that’s made it possible for the company to lean on smaller teams.

The company also cited other factors contributing to the job losses, including the volatility of the…