Coinbase Eliminates 20% of Staff in Latest Round of Layoffs (3)

Coinbase Global Inc. is firing about 950 employees, or 20% of its workforce, as the worsening crypto slump spurs another round of layoffs at the biggest US digital-asset exchange.

Co-founder and Chief Executive Officer Brian Armstrong announced the job reductions in a blog post Tuesday, saying the steps were needed to weather the industry downturn. In June, Coinbase announced it would lay off 18% of its workforce, the equivalent of roughly 1,200 employees. It eliminated another 60 positions in November. It will now shut down several projects.

Watch: Coinbase Global Inc. is firing about 950 employees, or 20% of its workforce.

Source: Bloomberg

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