Coinbase lays off another 20% of staff

Source: Canadian Broadcasting Corporation [Canadian state media]

“Cryptocurrency exchange Coinbase Global Inc. said on Tuesday it will reduce its workforce by about 20 per cent, or 950 employees, which is the third round of major layoffs at the company in under a year. The company said it expects to incur about $149 million US to $163 million US in restructuring expenses. Its shares fell three per cent in early trading on the stock market. Over the past year, the company’s shares have lost about 90 per cent of their value amid a broader cryptocurrency plunge.” (01/10/23)