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November 11, 2022

Coinbase sheds over 60 jobs amid crypto rout

Crypto exchange Coinbase Global has reduced its employee headcount by over 60 amid deepening turmoil in the cryptocurrency market.

The layoffs, which mark the second round of cuts carried out by the company this year, includes employees from recruiting and institutional onboarding divisions.

It comes as Coinbase posted a net loss of $545m in Q3 2022 as against a profit of $406.1m in the same quarter of 2021. According to the company, the loss was driven by ‘stronger macroeconomic and crypto market headwinds’.

Coinbase CFO Alesia Haas was quoted by Bloomberg TV as saying: “Today’s actions were surgical.

“We are just making sure we are not wasting a dollar.

“If we see that there is going to be further depressed revenue, and if we believe this is going to impact beyond the scenarios we have already planned for, we will have to take further cost saving action.”

According to a company spokesperson, the reduction will enable Coinbase to function efficiently.

In June this year, Coinbase revealed that it would trim its workforce by 18% or around 1,200 employees.

The announcement came several weeks after the company said that it would pause its recruitment drive and withdraw scores of finalised offers, reported Reuters.

Earlier this month, cryptocurrency firm Galaxy Digital, owned by billionaire Michael Novogratz, unveiled its plan to lay off at least 20% of its employees.

In addition, blockchain video game firm Mythical Games slashed 10% of its workforce last month.

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