Cryptocurrency exchange Coinbase is leveraging artificial intelligence to generate over 95% of its programming code. This was reported by the platform's head, Rob Vitoff, in a comment to Cointelegraph.
This figure has more than doubled; in February, the company estimated AI's contribution to development at 40%. According to Vitoff, AI is now utilized daily by all employees at the exchange.
The level of automation varies depending on task complexity:
- Prototyping: fully automated;
- Core systems: hybrid model;
- Cryptography: manual work. Developers review every line of code, while AI assists in identifying vulnerabilities and verifying mathematical calculations.
In May, Coinbase laid off 700 employees (14% of its workforce). CEO Brian Armstrong explained that this decision was necessary to regain the "speed and focus of a startup" by utilizing AI.
The implementation of these technologies has transformed team structures. Now, groups of 2-3 senior specialists handle tasks that previously required 10 or more people. The layoffs primarily affected junior developers, as well as staff in marketing, support, and compliance departments.
Currently, each Coinbase engineer is supported by 5 to 10 active AI agents, collectively performing work equivalent to that of 1,200 employees. The company anticipates that by 2030, this number will grow to 100,000 virtual workers.
In April, Snap announced it would replace 1,000 employees with AI to save $500 million.
In May, Dune announced a restructuring that included a 25% workforce reduction.