Cryptocurrency trading platform Coinbase is cutting approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year.
Bitcoin has plunged almost 60% over the past year and a volatile year got worse in late 2022 with the collapse of cryptocurrency exchange FTX which filed for bankruptcy protection in November after experiencing the equivalent of a bank run. Customers tried to withdraw billions of dollars from the exchange after its financial stability came into question.
Last week FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform. posted on the company's website, Coinbase co-founder and CEO Brian Armstrong alluded to FTX's collapse, noting the risk of"further contagion" in the cryptocurrency sector. He also said that Coinbase grew"too focused on growing headcount as a metric for success.
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