Coinbase Global said that it would eliminate around 20% of its staff and enact broad cost cuts, the latest sign of pain in the cryptocurrency industry.
Chief Executive Brian Armstrong said that crypto exchange Coinbase will reduce operating expenses by 25% from the previous quarter, including laying off about 950 people. At the end of September, the company had around 4,700 employees.
The collapse of rival exchange FTX has kickstarted a fresh round of layoffs across the industry. Crypto lender Genesis eliminated about one-third of its staff last week, and crypto exchange Huobi said it plans to lay off about one-fifth of its staff. Digital-asset companies, including Coinbase, laid off employees last summer after the collapse of two sister cryptocurrencies and a crypto hedge fund shattered the values of coins.
Link to article: www.wsj.com/livecoverage/stock-market-news-today-01-10-2023/card/coinbase-to-cut-nearly-1-000-jobs-h7nN4tDCoFTuqbhlw6Ya