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The cryptocurrency exchange platform Coinbase is laying off 950 employees — around 20% of its workforce — due to the continued downturn in the crypto market and the broader economy, the company announced. This latest round of job cuts comes after the company laid off about 1,100 people back in June.
Coinbase said it had around 4,700 employees in September following the cuts made earlier last year. But the first round of layoffs wasn’t enough to keep the company in a good financial position during an ongoing crypto winter, Brian Armstrong, the CEO and co-founder of Coinbase, said in a blog post.
Last year was an extremely volatile one for the crypto space. Bitcoin is currently down more than 70% from its all-time high reached in November 2021.
