Coinbase to cut another 20% of its workforce in the second wave of layoffs

Coinbase to cut another 20% of its workforce in the second wave of layoffs


Major cryptocurrency exchange Coinbase is starting 2023 with more layoffs, letting go of another 20% of its employees in a second major wave of layoffs.

Coinbase CEO Brian Armstrong officially announced on Jan. 10 that Coinbase will cut 950 jobs as part of the company’s measures to reduce the firm’s operating costs by around 25% amid the ongoing crypto winter.

Armstrong emphasized that Coinbase is “well capitalized,” and crypto “isn’t going anywhere,” but the firm has to proceed with layoffs in order to keep the “appropriate operational efficiency.” As part of a headcount reduction, Coinbase will be shutting down several projects with a “lower probability of success,” the CEO noted, without specifying what projects will be terminated exactly.

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