Business

Coinbase Plans to Cut 950 Jobs by End of Q2

Consensus 2023 Logo

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Jamie Crawley is a CoinDesk news reporter based in London.

Consensus 2023 Logo

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Crypto exchange Coinbase (COIN) has said it is planning to reduce its headcount by around 950 employees as part of a restructuring which it expects to be complete by the end of Q2 2023.

This figure would amount to around 25% of Coinbase’s workforce.

Coinbase said it is responding to “ongoing market conditions impacting the cryptoeconomy,” in a U.S. Securities and Exchange Commission (SEC) filing on Tuesday.

The company expects the restructuring to cost $149 million- $163 million, including $58 million-$68 million in cash charges related to employee severance.

Coinbase began shedding jobs last June when crypto’s bear market began to take hold. CEO Brian Armstrong said at the time that the company had “grown too quickly” in the cryptocurrency bull market, scaling from 1,250 employees to over 5,000 at the start of 2021.

COIN stock was up 4.78 % at $40.10 in pre-market trading at the time of writing.


Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas.

By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Jamie Crawley is a CoinDesk news reporter based in London.

Related Articles

Back to top button