More layoffs at Coinbase, cuts 20% | LinkedIn (2024)

Coinbase is laying off 950 employees, or 20% of its staff, after admitting it grew too quickly during the crypto bull market. Along with cost-cutting measures such as shutting down projects, the crypto exchange says the cuts will drop operating expenses by 25% for the quarter ending in March. The collapse of FTX has triggered a wave of layoffs in the industry, including at crypto lender Genesis, which shed a third of its staff last week. Coinbase CEO Brian Armstrong told CNBC that the FTX situation was a “black eye for the industry.”

• Coinbase previously cut 18% of its workforce in June and had about 4,700 employees as of the end of September.
• More than 100 potential buyers are eyeing the four companies that will be up for auction during FTX's bankruptcy proceedings.