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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