The cryptocurrency exchange Coinbase has entered a significant restructuring process in light of market uncertainties and efficiency goals. The company announced it will lay off approximately 700 employees, which represents about 14% of its workforce.
The cost of this decision is reported to be around 50 to 60 million dollars. Coinbase attributed this situation to both the fluctuations in the cryptocurrency markets and the necessity to establish a more efficient working model.
Structural Changes and AI Integration
The company's new organizational structure is planned to be streamlined into five management layers under the CEO and COO. Managers are expected to oversee larger teams, with each manager responsible for at least 15 employees. Additionally, there is a goal to transition to a working model with smaller teams alongside increased use of artificial intelligence.
CEO Brian Armstrong emphasized in a message to employees that artificial intelligence accelerates business processes. He noted that engineers can now complete tasks that previously took a long time in much shorter periods. The ability for even some non-technical teams to participate in software development processes stands out as an impressive example of this transformation.
According to Armstrong, these developments allow companies to operate in a more focused and rapid manner. In this direction, Coinbase aims to integrate artificial intelligence into all its processes to create a more efficient structure.