CryptoUS

Coinbase Layoffs

January 2023

Coinbase announced a layoff affecting 950 employees (20% of its workforce) in January 2023. The company operates in the Crypto sector.

People Affected

950

Percentage

20%

Announced Date

Jan 10, 2023

About

Coinbase, a major cryptocurrency exchange, is laying off approximately 950 employees, which represents about 20% of its workforce. This follows a previous 18% reduction in June 2022. The company, which had around 4,700 employees as of September, is implementing these cuts to preserve cash amid a severe crypto market downturn exacerbated by the collapse of FTX and broader industry contagion. CEO Brian Armstrong cited the need to reduce expenses and discontinue lower-probability projects to ensure the company's resilience. The layoffs, announced in January 2023, are part of a restructuring effort expected to lower operating expenses by 25% in the first quarter.