In a significant wave of layoffs, Coinbase has announced the reduction of its workforce by approximately 14%, affecting about 700 employees. This decision comes as the cryptocurrency exchange pivots towards an AI-focused strategy and responds to challenging market conditions. CEO Brian Armstrong highlighted that the restructuring aims to flatten the organizational structure by eliminating traditional management roles, favoring a model with ‘player-coaches’ in a more dynamic team environment. The move is seen as part of a broader trend in the tech industry, with analysts predicting further layoffs as companies adapt to advancements in AI and changes in market dynamics.