The mobile phone icon for the Coinbase application. Richard Drew/AP PhotoCryptocurrency exchange Coinbase is letting go of roughly 700 employees, citing the way artificial intelligence (AI) is “fundamentally changing” how the company operates.The cuts amount to about 14 percent of Coinbase’s workforce, CEO Brian Armstrong announced on May 5, saying AI has brought the company to “an inflection point.”
Coinbase Cuts 700 Workers, Joins Tech Layoff Wave Driven by AI Adoption
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