Author: Brian Armstrong, Coinbase CEO

Today, I made a difficult decision: to reduce the size of Coinbase's workforce by approximately 14%. I want to explain to everyone why we made this decision at this time, what it means for those affected, and how this will help us prepare for the future.

Why now

Currently, there are two forces converging simultaneously that we need to proactively address.

The first is market factors. Coinbase is well-capitalized, has diverse revenue sources, and has the ability to navigate various market conditions. The crypto industry is also on the eve of a new wave of adoption, with areas like stablecoins, prediction markets, and asset tokenization rapidly developing. However, our business still experiences volatility between quarters. Although we have successfully navigated cycles before and emerged stronger afterward, we are currently in a market trough, necessitating adjustments to our cost structure now so that we can greet the next phase of growth in a more streamlined, agile, and efficient state.

The second is that artificial intelligence is changing the way we work. Over the past year, I've seen engineers using AI to accomplish work that previously took weeks of team collaboration in just a few days. Non-technical teams are also starting to deliver production-level code, and many of our workflows are being automated. The speed and output achievable by small, highly focused teams have changed dramatically, and this change is accelerating daily.

All these factors have brought us to a critical turning point—not just for Coinbase, but for all companies. The greatest risk right now is inaction. We are proactively making adjustments to reshape Coinbase into a streamlined, fast-moving, AI-centric organization. We need to return to the speed and focus of our early startup days and place AI at the core.

What this means

To achieve this, we are not just cutting staff and reducing costs; we are fundamentally changing how the company operates: reshaping Coinbase into an organization that is "intelligence-driven, guided by humans at the edges." But what does this mean in practice?

• Fewer layers, faster decision-making: We will condense the organizational structure to a maximum of five layers under the CEO/COO. Layers slow down speed and come with collaboration costs. The future belongs to small, high-information-density teams that act quickly. Managers will take on more responsibilities and may directly manage over 15 people. Fewer layers also mean a streamlined cost structure that can operate efficiently across various market cycles.
• No pure managers: Every leader at Coinbase must also be a strong, actively engaged front-line contributor. Managers should act like "coaches on the field," personally getting involved with their teams.
• AI-native teams: We will organize around AI-native talent that can navigate multi-agent systems to achieve larger-scale impacts. At the same time, we will seek to further reduce team sizes, including “single-person teams,” where engineering, design, and product roles are combined.

In short: AI is driving profound changes in how companies operate, and we are reshaping Coinbase to maintain our leadership in this new era. This is a whole new way of working, and we need to fully leverage AI in every aspect of our work.

To affected colleagues

I deeply understand that behind these decisions are real people—exceptional colleagues who have poured their hearts and souls into the company and its mission. To those of you who will be leaving: thank you. You have helped build Coinbase into what it is today, and I sincerely appreciate everything you have done.

All affected employees will receive a notification sent to their personal email within an hour, containing more information and inviting you to communicate with the HR business partner and a senior manager in your organization. Out of responsibility to protect customer information, access to company systems has been closed today. I know this can feel sudden and hard to accept, but this is a responsible choice we must make.

For affected colleagues, we will provide a comprehensive support plan to help everyone through this transition period. Employees in the U.S. will receive at least 16 weeks of base salary (plus an additional 2 weeks for each year worked), the next equity vesting, and 6 months of COBRA health insurance. Employees on work visas will receive additional transition support. Employees outside the U.S. will receive similar support based on local conditions and follow relevant negotiation requirements.

Coinbase has always prided itself on its high talent density. Our employees are among the best in the world, and I have no doubt that your skills and experience will be highly valued in future developments.

How we move forward

For team members who remain, I know today is a tough day. We are saying goodbye to colleagues and friends with whom we have fought side by side. But I hope you can remember the following as we move forward:

Over the past 13 years, we have endured four crypto winters, gone public, and built the most trusted platform in the industry. Our ability to reach today is because we dared to make tough decisions and have always focused on our mission. This time will be no different—the company’s long-term prospects and the prospects for the entire industry have not changed. More importantly, our mission has never been more significant to the world. Advancing economic freedom requires a new financial system, and we are building it.

After all this, Coinbase will be better equipped than ever to achieve our mission.

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