Crypto chaos forces leading digital currency trading platform Coinbase to lay off almost a fifth of its staff
Coinbase has seen its value plunge 85% since its listing on the Nasdaq stock exchange in New York last April.
Crypto trading platform Coinbase plans to cut its workforce by almost a fifth as the value of the digital currency market continues to tumble.
The company, which has seen its value plunge 85% since its IPO on the Nasdaq New York stock exchange last April, said it would cut 1,100 employees, or about 18% of its total workforce, as part of a a restructuring plan.
This follows a move by rival crypto exchange BlockFi, which this week announced plans to cut 170 jobs, or 20% of its staff.
Crypto.com also said it was shedding 260 jobs, or about 5% of its workforce.
The cuts came as Coinbase and other crypto companies struggled to survive an ongoing market crash that saw the value of major digital currencies plunge as investors fled high-risk assets amid the rise. interest rates and fears about the global economy.
Panic in crypto markets intensified this week after crypto lender Celsius Network blocked customers from making withdrawals due to ‘extreme market conditions’, raising fears it was on the brink of the collapse.