The crypto firm’s move follows a wave of recent job cuts in Ireland from Meta, Amazon, Oracle, PayPal and Covalen

Coinbase is to cut 14pc of its global workforce, with AI cited as a prime reason.

The move follows recent AI-related job cuts at Meta, Amazon, Oracle, Covalen, PayPal and other tech multinationals located in Ireland.

The crypto firm employs around 150 people in Dublin, potentially putting around 21 jobs at risk here.

In a post online today, Coinbase CEO Brian Armstrong said that AI represented an “inflection point” for employment in companies such as his.

“Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks,” he said.

“Non-technical teams are now shipping production code and many of our workflows are being automated. The pace of what’s possible with a small, focused team has changed dramatically and it’s accelerating every day. All of this has led us to an inflection point, not just for Coinbase, but for every company.”

Armstrong also said that Coinbase was currently in “a down market” and needs to “adjust our cost structure now so that we emerge from this period leaner, faster and more efficient for our next phase of growth… Today I’ve made the difficult decision to reduce the size of Coinbase by 14pc.”

Armstrong said that while US employees will receive a minimum of 16 weeks base pay plus two weeks per year worked, those outside of the US “will receive similar support, based on local factors and subject to any consultation requirements”.

Coinbase Ireland has been approached for comment.

Under Irish law, companies such as Coinbase are only obliged to notify the government of intended redundancies if the number exceeds 30 jobs.

Last year, Coinbase moved its European regulatory hub from Ireland to Luxembourg.

Coinbase’s AI-centric restructuring will introduce new “one person teams… with engineers, designers and product managers all in one role,” said Armstrong..

“We’ll be concentrating around AI-native talent who can manage fleets of agents to drive outsized impact. This is a new way of working, and we need to leverage AI across every facet of our jobs. AI is bringing a profound shift in how companies operate, and we’re reshaping Coinbase to lead in this new era.”