Coinbase just announced it would cut 14% of staff. Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images

Coinbase is laying off 14% of staff and restructuring its workforce.

It's cutting the layers of management and pivoting to tiny teams.

The idea of a "pure manager" is being scrapped; these employees will build alongside their teams.

Coinbase is laying off 14% of its staff. Those who remain at the company are about to see quite a different workflow.

CEO Brian Armstrong outlined his rationale for the layoffs in a memo on X on Tuesday , which he also said he sent to employees.

This is an email I sent earlier today to all employees at Coinbase:

Team,

Today I’ve made the difficult decision to reduce the size of Coinbase by ~14%.…