Coinbase Sheds Roughly 60 Jobs as Cost-Cutting Continues Amid Bear Market

Crypto exchange Coinbase Global (COIN) has laid off just over 60 people as the company continues to reevaluate its headcount amid the ongoing downturn for the industry.

A Coinbase spokesperson told CoinDesk the reductions occurred on the company’s recruiting team along with its institutional onboarding unit. “These are isolated and targeted actions by two teams to help Coinbase operate as efficiently as possible,” the company spokesperson said.

Coinbase was faced with the decision to slash headcount earlier this year because the exchange has been impacted by significantly lower retail trading activity as crypto prices have plummeted. Coinbase said in June it was laying off around 1,100 employees, or 18% of its workforce at the time, as part of a cost-cutting plan.

“We are diligently focused on cost optimization and cash management,” Coinbase said in its third-quarter earnings report earlier this month.

Shares of Coinbase rose almost 11% on Thursday but are down 80% year to date.

Read more:Coinbase Cuts Q3 Losses in Half, Sees Crypto Headwinds Continuing Into 2023