In the latest series of job cuts, Coinbase is said to be eliminating 60 more roles as the months long slump in cryptocurrencies deepens.
According to a Business Times report, in June, Coinbase announced it would lay off 18% of its workforce, the equivalent of roughly 1,200 employees.
According to media reports, Alesia Haas, chief financial officer of Coinbase informed that this action was surgical. He further added, ““If we see that there is going to be further decreased revenue, and if we believe this is going to impact beyond the scenarios we have already planned for, we will have to take further cost saving action.”
Crypto companies have been forced to downsize amid a rout that’s erased more than US$2 trillion in market value.
Michael Novogratz’s Galaxy Digital Holdings said this month that it is exploring eliminating as much as 20% of its workforce. Also over the past month, Mythical Games, a blockchain video game company once valued at US$1.25 billion, laid off 10% of its staff.