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Coinbase to lay off 950 employees

Coinbase to lay off 950 employees

Coinbase is to shrink its workforce by a quarter in response to the bearish headwinds hitting the crypto sector.

News of the job cuts, which will eliminate 950 staff, was revealed in an SEC filing.

The company, which has suffered sustained losses and customer outflows in recent quarters, say it expects its full-year figures to be “within the negative $500 million loss guardrail” previously stated in a shareholder letter.

The restructuring is billed as a resonse to “ongoing market conditions impacting the cryptoeconomy”. It will cost up to $163 million, including as much as $68 million in cash charges related to employee severance.

The firm says it expects the cull to be completed by the second quarter of 2023.

[Source Finextra]

Written by Jason Flair