US-based crypto exchange Coinbase is reportedly laying off another batch of employees as the crypto winter continues to affect the company’s revenue.
According to a new report from Reuters, Coinbase removed over 60 jobs in its recruiting and institutional onboarding teams, marking the second time that the company has cut jobs this year.
In June, the firm also let go of 18% of its employees. At the time, Coinbase CEO Brian Armstrong said that the company had to part ways with some of its workforce to effectively manage expenses and improve efficiency amid a slower economy.
Coinbase is again downsizing its team as transaction revenue quarter over quarter (Q/Q) plunged by 44% in Q3.
In a letter to shareholders, Coinbase says that headwinds in