Coinbase to Cut 20% of Workforce Amid Crypto Market Downturn

Coinbase ($COIN@US), the popular cryptocurrency exchange, is cutting approximately 950 jobs, or about 20 percent of its workforce, as it looks to preserve cash during the current crypto market downturn. The cryptocurrency exchange had already cut 18 percent of its workforce in June. The move is part of a restructuring effort that will bring Coinbase's operating expenses down by 25 percent for the quarter ending in March. Coinbase CEO Brian Armstrong said that the industry is facing increased scrutiny after the collapse of FTX and that there may be more fallout to come. Cryptocurrencies have suffered as investors retreat from riskier assets amid a wider economic downturn. Coinbase shares are down by over 83 percent since its debut in April 2021, while Bitcoin is down by 58 percent in the past year.