May 5 (UPI) -- Brian Armstrong, CEO of cryptocurrency exchange Coinbase, announced the company is downsizing about 14% of its workforce.

May 5 : Coinbase said on Tuesday it will cut about 700 jobs, or about 14 per cent of its global workforce, as part of a restructuring plan aimed at reducing costs and repositioning the business for the AI era.Shares of the crypto exchange were up 4.66 per cent in premarket trading.The company expects t

May 5 : Coinbase said on Tuesday it would cut about 700 jobs, or about 14 per cent of its global workforce, as it trims costs amid crypto market volatility and repositions the business for the artificial intelligence era.The layoffs come as digital asset exchanges grapple with a slowdown in trading activity f

May 5 : Coinbase said on Tuesday it would cut about 700 jobs, or about 14 per cent of its global workforce, as part of a restructuring plan aimed at reducing costs and repositioning the business for the artificial intelligence era.The layoffs come as digital asset exchanges grapple with a slowdown in trading