Coinbase Global announced Tuesday it will lay off 18% of its workforce. It is another sign of the downturn that has shaved hundreds of millions of dollar off the total cryptocurrency market value.
The largest U.S. digital-asset trading platform is following in the footsteps of other crypto-related businesses that recently cut staff, including fellow exchange Gemini Trust and lender BlockFi, both of which cited the arrival of a crypto winter—a prolonged market downturn—as the reason for the layoffs.
Coinbase had hired aggressively in recent years, with its workforce ballooning by about 1,200 employees this year. The company plans to fire roughly that amount, ending the current quarter with
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