Coinbase became the latest crypto company to cut its workforce on Tuesday, as a wave of layoffs sweeps through an industry navigating a down market and the pressure to embrace AI.

CEO Brian Armstrong said the company is using AI to flatten its organizational structure, with managers expected to act more like “player-coaches.”

“AI is bringing a profound shift in how companies operate, and we’re reshaping Coinbase to lead in this new era. This is a new way of working, and we need to leverage AI across every facet of our jobs,” Armstrong said in an email to employees, also shared on X on Tuesday.

Armstrong’s memo outlined three sweeping changes to how Coinbase will operate. Source: Brian Armstrong

Block and Crypto.com have made similar moves…