Brian Armstrong says "two forces are converging at the same time" on crypto market and AI changes

Coinbase director Rob Witoff said at a presentation, as reported by Cointelegraph, that over 95% of the cryptocurrency exchange’s code is now written by artificial intelligence, handling routine and boilerplate tasks. This development follows multiple rounds of workforce reductions at Coinbase — including an 18% cut in 2022, a 20% cut in early 2023, and a 14% reduction in May 2026 affecting about 700 employees. In an internal email reported by NaturalNews.com, CEO Brian Armstrong connected the trend to what he described as two forces happening at once: a weak crypto market and AI-driven changes to work. Company officials stressed that human engineers still review and test AI-generated code before deployment and that the technology is intended to increase productivity, not replace staff. The shift mirrors wider industry moves as major tech firms also pursue layoffs while investing in AI.