Technology
Coinbase to Lay Off 18% of Workers as Crypto Winter Worsens
- Biggest US crypto exchange joins Gemini, BlockFi in staff cuts
- Company plans to end current quarter with about 5,000 workers
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Coinbase Global Inc. announced Tuesday it will lay off 18% of its workforce in another sign of a worsening crypto downturn that’s shaved off trillions of the total cryptocurrency market value.
The largest US digital-asset trading platform is following in the footsteps of other cryptocurrency-related businesses that have recently cut staff, including follow exchange Gemini Trust Co. and lender BlockFi Inc., both of which cited the arrival of a crypto winter -- a prolonged market downturn -- as the reason for the layoffs.