Coinbase Lays off 20% of the workforce

Coinbase is an online platform that allows merchants, consumers, and traders to transact with digital currency. The company announced 20% layoffs from their total workforce. That means around 950 employees.

Coinbase, the cryptocurrency trading platform, said on Tuesday that it would lay off about 20 percent of its employees, its latest move to cut costs as crypto markets decline and tech companies lower their expectations for growth. The company is laying off about 950 people, it said in a memo to staff, which comes after it cut around 1,100 employees in June, also about a fifth of its workforce at the time.

Brian Armstrong, Coinbase’s chief executive, said in the memo that “in hindsight, we could have cut further” in the layoffs announced last year. He also implied that the collapse of FTX, which generated turmoil throughout the crypto industry, was having an impact on Coinbase.

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