Coinbase lays off a fifth of staff as crypto downturn continues

Illustration of the Coinbase wordmark on a teal, blue, and black background with circular patterns.
Illustration by Alex Castro / The Verge

Cryptocurrency exchange Coinbase is the latest tech company to announce mass layoffs. In an email to staff on Tuesday, CEO Brain Armstrong said the company would be letting 950 employees go as it attempts to “weather downturns in the crypto market.” The email was made public on the Coinbase blog, and the company also submitted an 8-K filing with the news.

In a not-so-subtle reference to the collapse of major cryptocurrency player FTX, who’s former CEO Sam Bankman-Fried has subsequently been charged with money laundering and fraud, Armstrong cited “the fallout from unscrupulous actors in the industry” as one of the reasons fueling Coinbase’s cost-cutting efforts. Armstrong says the layoffs are part of a plan to reduce Coinbase’s operating…

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