<span>Story: Coinbase announced Tuesday that it will cut about 700 jobs, or about 14% of its workforce, as the cryptocurrency exchange cuts costs and restructures its business for the AI era.</span><span>:: Coinbase</span><span>The job cuts come as crypto trading slows as digital assets retreat from October highs and investors grow cautious.</span><span>That sense of caution was evident in Tuesday’s trading, with Coinbase stock falling as much as 3.5% in morning trading after initially rising on news of the restructuring.</span><span>:: Coinbase</span><span>CEO Brian Armstrong, who shared an internal memo regarding Company X’s layoffs, said volatile markets and the speed of AI were leading the company to an “inflection point,” adding: “The biggest risk now is not taking action.”</span><span>:: Archive</span><span>Job cuts have spread across U.S. businesses since the beginning of the year as companies cut costs, streamlined operations and adapted to increased use of AI tools.</span><span>:: Coinbase</span><span>According to Coinbase, affected U.S. employees will receive a minimum of 16 weeks of base pay, plus an additional two weeks of annual service, next stock vesting, and six months of medical benefits.</span><span>As a result, the cryptocurrency exchange expects to incur approximately $50 million to $60 million in expenses, primarily related to severance and other employee benefits.</span>
