Coinbase Plans to Cut 950 Jobs by End of Q2

Crypto exchange Coinbase (COIN) has said it is planning to reduce its headcount by around 950 employees as part of a restructuring which it expects to be complete by the end of Q2 2023.

This figure would amount to around 25% of Coinbase’s workforce.

Coinbase said it is responding to «ongoing market conditions impacting the cryptoeconomy,» in a U.S. Securities and Exchange Commission (SEC) filing on Tuesday.

The company expects the restructuring to cost $149 million- $163 million, including $58 million-$68 million in cash charges related to employee severance.

Coinbase began shedding jobs last June when crypto’s bear market began to take hold. CEO Brian Armstrong said at the time that the company had «grown too quickly» in the cryptocurrency bull market, scaling from 1,250 employees to over 5,000 at the start of 2021.

COIN stock was up 4.78 % at $40.10 in pre-market trading at the time of writing.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Source