Coinbase Global plans to cut 1,100 jobs, or 18% of staff
The logo for Coinbase Global, the biggest US cryptocurrency exchange, displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, US, Apr 14, 2021. (File photo: REUTERS/Shannon Stapleton)
Coinbase Global says it plans to cut about 1,100 jobs, or approximately 18 per cent of its global workforce, as part of a restructuring in order to help manage its operating expenses in response to current market conditions.
The company said in a regulatory filing that it expects to have about 5,000 total employees at the end of its current fiscal quarter on Jun 30.
Coinbase estimates that it will incur about US$40 million to US$45 million in total restructuring expenses, mostly related to employee severance and other termination benefits.
The restructuring plan is anticipated to be substantially complete in the second quarter.
