Crypto exchange Coinbase today announced more sweeping layoffs, citing “the ongoing market conditions impacting the cryptoeconomy.”
In an 8-K filing with the SEC, the firm said that this restructuring would cut the firm’s headcount by approximately 950 employees. The cost to do so, tallying severance packages, could range up to $163 million.
The layoffs are expected to conclude by the second quarter of 2023, the filing continues.
Coinbase first began slimming its workforce back in June 2022, announcing an 18% cut to its workforce, or roughly 1,100 employees. At that time, CEO Brian Armstrong said that “it is now clear to me that we over-hired,” adding that the firm needed to “plan for the worst.”
Coinbase is currently the second-largest crypto exchange in the market based on 24-hour volume. CoinGecko reports that in the past day, the platform has stewarded over $1.8 billion in trades. In comparison, market leader Binance has hosted more than $13 billion in trades.
Editor’s note: This story is breaking and will be updated shortly.
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Source: https://decrypt.co/118776/coinbase-announces-further-layoffs-cutting-headcount-by-950-employees
