Coinbase Global Inc. announced that it would lay off approximately 20% of its workforce and implement broad cost-cutting measures, the latest sign of pain in the cryptocurrency industry. In a blog post published Tuesday, CEO Brian Armstrong stated that crypto exchange Coinbase will cut operating expenses by 25% from the previous quarter, including the layoff of approximately 950 employees. At the end of September, the company employed approximately 4,700 people. Employees at digital-asset companies such as Coinbase were also laid off last summer as the industry began to sway. Mr. Armstrong stated that those affected by the layoffs would be notified on Tuesday and that U.S. employees would be paid for at least 14 weeks.
