Crypto Exchange Coinbase to Cut Nearly 1,000 Jobs in Another Round of Layoffs

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As part of a restructuring plan, cryptocurrency trading platform Coinbase Global announced nearly 1,000 job cuts in a new round of layoffs, representing around 18% of the global workforce. of the team.

Coinbase cited economic conditions that have negatively impacted crypto companies in an industry slump lasting more than a year.

Shares of the company rose 3.3% to $39.53 in premarket trading.

The largest U.S. crypto exchange said it expects to incur a total of approximately $149 million to $163 million in restructuring expenses, according to a statement on Tuesday. The redesign will be substantially complete” by the end of the second quarter, he said.

Over $1 trillion was wiped out of the crypto sector last year due to rising interest rates and fears of an economic downturn. The crisis has also forced key industry players such as Three Arrows Capital and Celsius Network to close shop.

However, the biggest blow came after top crypto exchange FTX filed for bankruptcy protection in November. Its rapid fall has sparked harsh regulatory scrutiny of how major exchanges hold user funds.

The woes of the crypto world have continued this year, marked by plummeting filings, layoffs, and multiple legal hurdles.

Coinbase cut more than 60 jobs in its recruiting and institutional onboarding teams in November, after cutting 1,100 jobs, or 18% of its workforce, in June.

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