March 28, 2024

Coinbase is laying off over 60 employees due to market conditions

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Coinbase is laying off over 60 employees due to market conditions

The American trading platform continues to incur losses and is trying to reduce operating costs by all means.

Coinbase is laying off more than 60 employees from its HR and institutional onboarding departments.Only five months have passed since the last layoffs in the company — in June, the crypto exchange fired about 18% of its employees.

In the fall, the exchange froze the process of hiring new employees, but revenues continueFall – Quarterly revenue fell 28% and trading volumes fell 27% in the third quarter of this year.Coinbase shares have also been hit, dropping nearly 80% year-to-date and 27% since early November.

Last week, the crypto exchange said goodbye to the company's product director Surojit Chatterjee — he will becomefreelance advisor to Coinbase, but will move to another company on a full-time basis.

Coinbase is trying to disavow the situation around Alameda Research and the FTX crypto exchange. General DirectorBrian Armstrong has openly stated that the company has nothing to do with FTX, stressing that Coinbase does nothingwith users' assets without them knowing, and customers can withdraw money from the exchange at any time.