Coinbase to cut 1,100 jobs amid turmoil in crypto markets

CRYPTOCURRENCY exchange Coinbase Global said on Tuesday (Jun 14) it would slash 18 per cent of its workforce, or about 1,100 jobs, as part of efforts to rein in costs amid volatile market conditions.

The layoffs come a day after Bitcoin fell as much as 14 per cent after major US cryptocurrency lending company Celsius Network froze withdrawals and transfers, in the latest sign of the financial market downturn hitting the cryptosphere.

Coinbase said earlier this month that it would extend its hiring freeze for the foreseeable future and rescind a number of accepted offers.

In a filing on Tuesday, the company said it expects to incur about US$40 million to US$45 million in total restructuring expenses, substantially all related to employee severance and other termination benefits.

Coinbase last month reported a 35 per cent slump in total revenue to US$1.17 billion for the 3 months ended Mar 31, missing analyst expectations and weighing on investor sentiment. REUTERS