Coinbase cuts 20% of jobs as crypto crisis continues

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Cryptocurrencies are redefining the future of money - (Google Photo)
Cryptocurrencies are redefining the future of money - (Google Photo)


Cryptocurrency trading platform Coinbase said Tuesday it was slashing 950 jobs, or just over 20 percent of its workforce, as the fallout from the collapse of industry giant FTX continues.

Coinbase CEO Brian Armstrong announced the cuts to the firm's 4 700 strong workforce in a blog message in which he decried the "unscrupulous actors" that have hurt the emerging market for cryptocurrencies.

The layoffs follow the collapse of the FTX platform and arrest of founder Sam Bankman-Fried late last year which has put a black eye on the digital currency sector.

"Coinbase is well capitalized, and crypto isn't going anywhere," Armstrong insisted in his post addressed to employees.

He said that his company would ultimately be strengthened by recent events with a major rival gone and clearer rules from authorities on their way.

Coinbase had already cut 18 percent of its workforce in June, when the tremors hitting the cryptocurrency market first emerged.

The company joins a growing list of tech giants that have cut staff after a major hiring spree during the Covid pandemic, including Amazon, Meta, Salesforce and Twitter.

*This story has been corrected to reflect the correct number of workers at Coinbase. 


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