Coinbase Cuts 14% of Workforce
Digest more
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.
In a Tuesday X post, CEO Brian Armstrong said the cuts were to "be leaner, faster, and more efficient for our next phase of growth."
The partnership includes a strategic investment by Coinbase and is focused on expanding tokenized ETFs, credit, and structured products.
Coinbase (NASDAQ:COIN) stock currently trades around $191, while Wall Street’s average price target sits at $241. That implies an upside of roughly 26% from the current stock price to where analysts think the stock should be trading.
"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 stock, Strategy, Robinhood and other companies exposed to cryptocurrency were rising Monday.
Investors are digesting long-awaited stablecoin yield text that’s held up the crypto industry’s key bill in Congress.