Coinbase to Lay Off 20% of its Employees in New Cost Optimization Round

US crypto company Coinbase plans to reduce the number of employees by another 20% as part of the second wave of business optimization.

Coinbase laid off 60 workers amid the bankruptcy of crypto derivatives platform FTX in November.

The company has said the decision to lay off more employees is the result of a strong drop in income. Moreover, even then the management did not rule out that, if necessary, a decision would be made on new layoffs.

Coinbase CEO Brian Armstrong officially announced 2 days ago that his team will say goodbye to 950 employees.