Another round of Coinbase job cuts, 20% of workforce let go
Coinbase is cutting approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year.
The company cited economic conditions that have adversely impacted cryptocurrency.
The cryptocurrency trading platform announced the elimination of 1,100 jobs in June, or approximately 18% of its global workforce, in a first round of cuts.
Coinbase Global said in a regulatory filing on Tuesday that layoffs are part of its restructuring plan, which it expects to complete by the second quarter.
The company anticipates about $149 million to $163 million in total restructuring costs, including approximately $58 million to $68 million in charges related to employee severance and other termination benefits.
Coinbase is a remote-first company that was founded in 2012 and has no headquarters. It went public in April 2021 by listing its stock directly and skipping the traditional process of hiring underwriters.
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