Brian Armstrong

CEO Brian Armstrong wrote in a memo that Coinbase is aiming to build a leaner and faster company.

As a result, the company would be removing layers of management and laying off about 700 employees in a company that has just about 5,000.

One factor cited by the CEO was AI, which is allowing the company to automate some processes that used to require humans.

A number of top companies such as Meta and Amazon have announced layoffs to invest more on AI.

Coinbase also says the layoffs are in part a result of the volatility in the crypto markets this year.

Rafael Nam, NPR News.

One thing I've heard is that quantum is going to break the blockchain.

Is that true?

I mean, yeah.

It's $123.

Yeah.

Yeah.

Well, that's been the focus of this attendance at Davos is we are trying to get market structure legislation done for crypto But actually there I mean there is a lot of networking that happens here.

Well, that's been the focus of this attendance at Davos is we are trying to get market structure legislation done for crypto But actually there I mean there is a lot of networking that happens here.

We've done a lot of commercial meetings You know five of the top 20 global banks are now using coinbase to build their crypto infrastructure into their products We meet with heads of leaders of different countries and talk to them about economic freedom and how crypto can update their financial system So there's all kinds of good meetings

We've done a lot of commercial meetings You know five of the top 20 global banks are now using coinbase to build their crypto infrastructure into their products We meet with heads of leaders of different countries and talk to them about economic freedom and how crypto can update their financial system So there's all kinds of good meetings

A couple of them are public.

A couple of them are public.

We've talked about integration with JP Morgan, PNC Bank.

We've talked about integration with JP Morgan, PNC Bank.