Coinbase Fires 18% of its workforce (950 jobs)

The cryptocurrency exchange, which had about 4,700 employees at the end of September, cut 18% of its workforce in June citing costs and "very rapid growth" during the bull market.

Cryptocurrency exchange Coinbase Global has announced that it will reduce its workforce by around 950 employees as part of a restructuring plan.

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As Reuters reports, several cryptocurrency firms, which have been engulfed by a sector-wide recession that has deepened with the collapse of major exchange FTX, have filed for bankruptcy protection in recent months.

Shares of Coinbase are down 2.1% in pre-market trading.

Coinbase, which had about 4,700 employees by the end of September, already cut 18% of its workforce in June citing the need to manage costs and “very rapid growth” during the bull market.

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