Coinbase, the cryptocurrency exchange based in the United States, is laying off approximately 700 employees, which accounts for 14% of its workforce, as part of a restructuring focused on integrating artificial intelligence (AI) into its operations. CEO Brian Armstrong stated that advancements in AI have allowed engineers to achieve tasks in days that previously took weeks, prompting the company to adjust its workforce accordingly. This restructuring aims to enhance efficiency and prepare for the next cycle in the crypto market, which has been experiencing a downturn. Armstrong noted that while Coinbase is well-capitalized and has diversified revenue streams, the need to become leaner and faster is critical. The company plans to eliminate some management layers and explore new team structures, including 'one person teams' where engineers, designers, and product managers share responsibilities. Employees affected by the layoffs in the U.S. will receive severance packages that include 16 weeks of base pay, additional compensation based on tenure, and extended health coverage.