Phoenix Market

On-chain fiat to crypto exchange

[Phoenix Market @PhoenixMarketHQ]

the future of exchanges is decentralized, don't trust Brian to hold your crypto

[Phoenix Market @PhoenixMarketHQ]

if you'd like to take down Coinbase, we're hiring

[Brian Armstrong @brian_armstrong]

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%. I want to walk you through why we're doing this now, what it means for those affected, and how this positions us for the future.

Why now
Two forces are converging at the same time. We need to be front footed to respond to both.

First, the market. Coinbase is well-capitalized, has diversified revenue streams, and is well-positioned to weather any storm. Crypto is also on the verge of the next wave of adoption, with stablecoins, prediction markets, tokenization, and more taking off. However, our business is still volatile from quarter to quarter. While we've managed through that cyclicality many times before and come out stronger on the other side, we’re currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth.

Second, AI is changing how we work. Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks. 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. The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core.

What this means
To get there, we are not just reducing headcount and cutting costs, we’re fundamentally changing how we operate: rebuilding Coinbase as an intelligence, with humans around the edge aligning it. What does this mean in practice?

- Fewer layers, faster decisions: We are flattening our org structure to 5 layers max below CEO/COO. Layers slow things down and create coordination tax. The future is small, high context teams that can move quickly. Leaders will own much more, with as many as 15+ direct reports. Fewer layers also means a leaner cost structure that is built to perform through all market cycles.

- No pure managers: Every leader at Coinbase must also be a strong and active individual contributor. Managers should be like player-coaches, getting their hands dirty alongside their teams.

- AI-native pods: We’ll be concentrating around AI-native talent who can manage fleets of agents to drive outsized impact. We’ll also be experimenting with reduced pod sizes, including “one person teams” with engineers, designers, and product managers all in one role.

In short: AI is bringing a profound shift in how companies operate, and we’re reshaping Coinbase to lead in this new era. This is a new way of working, and we need to leverage AI across every facet of our jobs.

To those who are affected
I know there are real people behind these decisions — talented colleagues who have poured themselves into this company and our mission. To those of you who will be leaving: thank you. You’ve helped build Coinbase into what it is today, and I am sincerely grateful for everything you've done.

All impacted team members will receive an email to their personal account in the next hour with more information, and an invitation to meet with an HRBP and a senior leader in your organization. Coinbase system access has been removed today. I know this feels sudden and harsh, but it is the only responsible choice given our duty to protect customer information.

To those affected, we will be providing a comprehensive package to support you through this transition. US employees will receive a minimum of 16 weeks base pay (plus 2 weeks per year worked), their next equity vest, and 6 months of COBRA. Employees on a work visa will get extra transition support. Those outside of the US will receive similar support, based on local factors and subject to any consultation requirements.

Coinbase prides itself on talent density. Our employees are among the most talented people in the world, and I have no doubt that your skills and experience will be highly sought after as you pursue your next chapters.

How we move forward
To the team that is staying, I know this is a difficult day. We’re saying goodbye to colleagues and friends you've been in the trenches with. But here’s what I want you to know as we move forward together:

Over the past 13 years, we have weathered four crypto winters, gone public, and built the most trusted platform in our industry. We’ve made it this far by making hard decisions and by always staying focused on our mission. This time will be no different – nothing has changed about the long term outlook of our company or industry. And most importantly, our mission has never been more important for the world. Increasing economic freedom requires a new financial system, and we’re building it.

The Coinbase that emerges from this will be more capable than ever to achieve our mission.

Brian

[Phoenix Market @PhoenixMarketHQ]

@CMNisal @MEXC_Official gmgm

[Phoenix Market @PhoenixMarketHQ]

Unlike @MEXC_Official we:
Never hold your funds
Never lock you out
Never trade against you

why? Because we:
Can't hold your funds
Can't lock you out
Can't trade against you

Don't trust, verify.

[Phoenix Market @PhoenixMarketHQ]

@Trade_VEX we should chat

[Phoenix Market @PhoenixMarketHQ]

@MEXC_Official is a prime example of why users should never trade on a CEX

[Phoenix Market @PhoenixMarketHQ]

@LibertySwapFi much love!

[Phoenix Market @PhoenixMarketHQ]

Great to see more business launching with Phoenix!

[Kevin Negocios @KevinNegocios]

Una solución de remesas a la vista, de Zelle a USDc (pronto USDt) en 30 segundos, automatizada, y por 3% de comisión.

Y la verdad más simple no puede ser:

Llegas y colocas tu dirección USDc en Base, colocas el monto, y le das generar Link.

Copias y lo envías a tu contraparte

[Phoenix Market @PhoenixMarketHQ]

@carlosmanuelcg @KevinNegocios Each seller on the p2p network is only matched with a single unique transaction amount at any given moment in time

[Phoenix Market @PhoenixMarketHQ]

@adamscochran We've got just what you're looking for

[Phoenix Market @PhoenixMarketHQ]

@bvoy639 @LibertySwapFi We provide an off-ramp via Zelle which is currently invite only

[Phoenix Market @PhoenixMarketHQ]

Service restored back to normal

[Phoenix Market @PhoenixMarketHQ]

With every cloud service provider having a seizure our API to initiate new trades is temporarily halted. Withdrawals and deposits are still up and running as normal. We're actively monitoring the situation.

[Phoenix Market @PhoenixMarketHQ]

@CryptoCoffee369 @LibertySwapFi https://t.co/tEpZ9TU3wJ

[Liberty Swap ⚡️PulseChain | Railgun | HyperLiquid @LibertySwapFi]

We’d like to introduce Phoenix Market @PhoenixMarketHQ a platform where you can on-ramp and off-ramp USDC directly using Zelle or your bank account.

•No KYC
•No middlemen
•ZK technology
•Fast and efficient
•Zero fees

Buy USDC on Phoenix Market on the Base blockchain, then convert it to USDC on PulseChain via @LibertySwapFi

[Phoenix Market @PhoenixMarketHQ]

The advice is to launch, early and often. The path to PMF is to pour water into a leaky bucket and patch it as you go along. Assemble the airplane as it's falling through the sky.

We reject this advice.

If you're building a marketplace it's essential that:
1. the market clears
2. there's fair price discovery
3. its liquid

All three must be true for launch.
Otherwise users face failed orders, bad prices, and no one to trade with.

Zelle has enabled anyone to buy crypto on https://t.co/POCxYTbliN with no kyc and no login.
It's blazing quick.
But. This is only possible because others on the network are providing crypto aceppting Zelle.

Later this week we'll be launching our trading dashboard opening up the ability for anyone to buy or sell.

[Phoenix Market @PhoenixMarketHQ]

@solashenone Absolutely, it's a disgrace

[Phoenix Market @PhoenixMarketHQ]

@HF0Residency Damn straight

[HFØ @hf0]

Repeat founders are phoenixes.

They build the nest, burn it all, and start again.

It's not about winning. It's about living forever.

[Phoenix Market @PhoenixMarketHQ]

LFG

[Jared @JaredDowning_]

cookin wif The People™️