Coinbase Cuts Over 60 Jobs Again as Cryptocurrencies Extend Fall
(CTN News) – A spokesperson for cryptocurrency exchange Coinbase Global Inc (COIN.O) said on Thursday that it had cut over 60 positions in its institutional onboarding and recruiting departments at a time when battered digital coins run the risk of spreading the problem to other markets and bigger rival FTX is getting closer to going under.
The second round of layoffs this year comes a week after Coinbase reported a net loss of $544.6 million for the three months ending September 30, compared to a profit of $406.1 million a year earlier due to “crypto market headwinds.”
The spokeswoman said that operating as effectively as possible would be feasible with the employment losses.
Coinbase cuts 1,100 jobs In June
In June, weeks after announcing it would prolong a hiring freeze and revoke several accepted offers, Coinbase slashed 1,100 employees or 18% of its staff.
The price of cryptocurrencies plummeted this year due to rising interest rates and growing concerns about an economic slowdown, wiping out important firms like Voyager Digital, Three Arrows Capital, and Celsius Network.
But digital assets took a heavier hit once FTX started to show early signs of trouble. The bigger crypto exchange, which has a history of rescuing failing crypto companies, is considering its options in light of a liquidity crisis and is currently under investigation by US authorities for its management of client cash and its crypto-lending operations.
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