Coinbase to slash 20% of workforce in second major round of job cuts

January 11, 2023

Coinbase is cutting about a fifth of its workforce as it looks to preserve cash during the crypto market downturn. Coinbase said the move would result in new expenses of between $149 million and $163 million for the first quarter. "Long term that's a good thing. But short term, there's still a lot of market fear." Bitcoin is down 58% in the past year, while Coinbase shares are off by more than 83%.