Coinbase To Cut 20% Jobs, Abandon 'Several' Projects To Weather Downturns in Crypto Market

Coinbase plans to cut 950 jobs, or about 20% of its workforce, and shut down 'several' projects as the U.S. crypto exchange giant looks to reduce its expenses to increase its 'chances of doing well in every scenario.' From a report: This is the second round of major layoff at the crypto exchange, which eliminated 18% of its workforce, or nearly 1,100 jobs last June, but there was 'no way to reduce our expenses significantly enough, without considering changes to headcount,' Coinbase co-founder and chief executive Brian Armstrong wrote in a blog post Tuesday.

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