Coinbase to Lay Off 18% of Workers as Crypto Winter Worsens (3)

Coinbase Global Inc. announced Tuesday it will lay off 18% of its workforce in another sign of a worsening crypto downturn that’s shaved off trillions of the total cryptocurrency market value.

The largest US digital-asset trading platform is following in the footsteps of other cryptocurrency-related businesses that have recently cut staff, including follow exchange Gemini Trust Co. and lender BlockFi Inc., 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. ...