Coinbase to Lay Off 18% of Staff as Cryptocurrencies Continue to Struggle

Coinbase to Lay Off 18% of Staff as Cryptocurrencies Continue to Struggle

Cryptocurrency exchange Coinbase Global Inc. said it is cutting almost a fifth of its staff because the company had grown too quickly and a potential recession “could lead to another crypto winter.”

The company said Tuesday it will reduce its workforce by 1,100 employees, or about 18% of its staff, as part of its efforts to manage operating expenses. In a letter to all employees, Chief Executive Brian Armstrong said “our employee costs are too high to effectively manage this uncertain market.”

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