Coinbase, the largest cryptocurrency exchange in the United States, plans to lay off approximately 700 employees, representing 14% of its global workforce. The severance package for affected employees includes 16 weeks of base pay, additional weeks based on tenure, and extended health insurance coverage.

• 01Coinbase is cutting about 700 jobs, or 14% of its workforce.
• 02The severance package includes 16 weeks of base pay plus additional weeks for each year worked.
• 03Affected employees will receive their next equity vest and 6 months of health insurance coverage.
• 04The layoffs are part of a restructuring to reduce costs and adapt to advancements in artificial intelligence.
• 05Employees on work visas will receive additional transition support.

The layoffs may affect many employees and their families, leading to financial uncertainty and the need for job transitions.