Apoorve Singhal

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

Scenes from typical Indian Punjabi Weddings Pheras late at night after Midnight between 2 to 4am 😴😂

I’m really excited to share that I’m joining Benchmark. The past two years as a full time investor have been the most rewarding of my career. I really love venture capital, which is not something I ever imagined I’d say when I was kid, but here we are. I love new ideas and being part of a team with a mission. I love getting to be there for people who are struggling towards goals they really care about. I love learning from people who are better CEOs than I ever was. I love the texture of the work, the competition, and the way the job lets you invest in relationships. I love it so much that I’ve even turned into a little venture nerd with a podcast who goes around harassing great investors and founders, trying to learn as much as I can as fast as possible. I’ve certainly learned what I care most about, and what kind of investor I want to be. What I’ve realized is that I love investing at the Series A, when there’s enough going on that an investor can be useful but not so much that you can’t have an impact. I think there are many amazing ways to practice venture, it’s just the way that most speaks to me. And as I came to realize that, I started to think about how to best set myself up to do that craft as well as possible. It became clear to me there is nowhere better for this than Benchmark; the way they’re structured, their principles, their overall approach to investing, and their track record all create an environment that I believe will let me do my best work as an investor and help founders the most I possibly can. As I’ve gotten to know the team at Benchmark I’ve come to admire so much about each of them. Peter is truly playing his own game. A lot of what he says sounds like poetry at first, but as the ideas roll around in your head for a while you realize how much depth they have. I first heard about Eric many years ago from my friend Saji at Benchling while I was building Lattice, who described him as the most amazing board member and attributed him with a lot of the company’s success. That’s the kind of partner I want to be one day. Chetan is brilliant and truly thinks for himself; I’ve realized over time what a courageous guy he is. And then there’s my friend Ev, whose skills complement mine and who I just love to be around. I can’t wait to have him as a partner in crime. When given the chance to work with this group I just knew I had to go. One of my motivating north stars with Alt Capital was to build a firm and be a partner that I most would have wanted as an entrepreneur. Although I haven’t gotten everywhere I want to be yet, I’m proud of the work so far. And now I’m excited to build on that work at Benchmark, where I hope to increase my rate of learning and get armed with the power of a partnership so I can help founders reach their dreams even more. Thank you to the companies who’ve let me invest with them at Alt Cap. I’m keeping all my board seats and supporting everyone just the same as before. Thank you to the LPs who’ve backed me as well. I am so excited about the portfolio we have and am grateful I can stick with all those companies. And finally thank you to my teammates, Bala, Vivek, and Nate. Bala took a bet on me and started investing with me before it was remotely obvious, and we’ve been able to grow so much figuring it out together as investors. I credit Nate with helping Alt start feeling like a firm. He joined us from First Round over a year ago and made everything run smoothly. And while Vivek joined just a little while ago, even in the short time we’ve worked together he’s had a meaningful impact on how we think and invest. They’re all joining Benchmark with me. So pumped for this chapter.