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published in Blogs
Jan 11, 2023
Coinbase (COIN, $42.94) to lay off 20% of workforce

Coinbase (COIN, $42.94) to lay off 20% of workforce

Coinbase Global has announced nearly 1,000 job cuts in another round of layoffs, which is about 20% of the company's global headcount, as part of its restructuring process. It is implementing the retrenchment “in response to the ongoing market conditions impacting the cryptoeconomy, as well as ongoing business prioritization efforts," as per the company’s statement.

The company expects a total of about $149 million to $163 million in restructuring expenses to be completed by the end of second quarter.

In 2022, over a trillion dollars was wiped out from the crypto sector.