Coinbase will lay off about 700 employees as CEO Brian Armstrong pushes a leaner, AI-native structure amid weaker crypto trading conditions.

Coinbase is set to report earnings on May 7.

Coinbase will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.

Several companies have announced workforce shakeups as more firms rely on AI.

The largest U.S. crypto exchange said it was cutting jobs because of cryptocurrency market volatility and to “optimize” for the artificial intelligence era.

"Over the past year, I've watched engineers use AI to ship in days what used to take a team weeks," Coinbase CEO Brian Armstrong wrote.

Coinbase pays us for certain activity generated through this link. Prices displayed are informational. Learn more Investors will be looking to Coinbase Global (COIN) CEO Brian Armstrong for fresh remarks on his firm’s forward prospects when it reports first quarter results on Thursday that will show how the major crypto exchange weathered a rough stretch in crypto markets.

Coinbase is laying off 660 employees and restructuring into AI-native pods with a five-layer management cap. Q1 revenue is expected to fall 26% as crypto volumes drop 48%.

Coinbase is laying off 14% of its staff. Those who remain at the company are about to see quite a different workflow.