Coinbase Massively Cuts Staff

Budrigannews.com – As part of a restructuring plan, Coinbase Global Inc. announced on Tuesday that it would lay off approximately 950 employees. This is the cryptocurrency exchange’s third round of layoffs since last year.

In premarket trading, the company’s shares rose 3.3% to $39.53.

Bitcoin (NASDAQ:) said that it expects to spend between $149 million and $163 million on restructuring.

Due to concerns about an economic downturn and rising interest rates, the cryptocurrency industry lost more than a trillion dollars in the previous year. Additionally, the slump necessitated the closure of important industry players like Celsius Network and Three Arrows Capital.

However, the more significant blow came in November when the larger crypto exchange FTX filed for bankruptcy protection. Its swift demise has prompted stringent regulatory oversight of major exchanges’ handling of user funds.

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This year’s problems in the crypto industry have continued, with falling deposits, layoffs, and numerous legal obstacles.

After cutting 1,100 jobs, or 18% of its workforce, in June, Coinbase cut more than 60 jobs in its recruiting and institutional onboarding teams in November.