Coinbase to fire 1,100 employees amid crypto crash

Cryptocurrency exchange platform Coinbase will slash approximately 18% of its global workforce.

The company announced a restructuring plan to manage its operating expenses “in response to current market conditions.”

It is planning to reduce its workforce by approximately 1,100 employees. By the end of the current fiscal quarter, Coinbase expects to have approximately 5,000 employees. It estimates that the restructuration will incur about $40 million to $45 million in total restructuring expenses.

The layoffs come a day after Bitcoin fell as much as 14% after major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers, in the latest sign of the financial market downturn hitting the cryptosphere, Reuters reported.

Cybernews recently reported that giant tech corporations and well-known startups are cutting their staff to prepare for a “storm” to come – a feared recession.

Crypto organizations, such as Bitso, T2M, Gemini, Rain, and Buenbit have all announced staff reductions.

Robinhood Markets, which offers trades of stocks via a mobile app, will be reducing its headcount by 300 full-time employees.