According to The Information, Coinbase is laying off more than 60 employees in its recruiting and institutional onboarding departments. While not as shocking as Meta’s decision to lay off over 11,000 employees a few days ago, Coinbase’s latest round of layoffs indicates that the exchange may still be attempting to cut costs in the midst of the ongoing bear market—a development that barely moves the needle in the midst of a week filled with bad news for the crypto sector. Coinbase’s layoffs come just five months after the exchange laid off 18% of its workforce to prepare for what it called a “extended crypto winter” at the time.
