Alex Dovbnya
Coinbase intends to cut its workforce by 18% as part of a restructuring plan
Coinbase, the largest cryptocurrency exchange in the U.S., intends to fire as many as 1,100 employee as part of a major restructuring plan announced earlier today.
The crypto giant has roughly 5,000 full-time employees, which means that its workforce will now shrink by roughly 18%.
Coinbase has joined BlockFi, Gemini and other companies in laying off employees.
The cryptocurrency industry is currently in the middle of a brutal bear market.
Yet, Ripple recently announced that it would buck the trend by hiring more employees because of sufficient cash reserves.