Coinbase announced on Tuesday it would be laying off about 20% of its staff, roughly 950 people. The cuts came amid a prolonged bear market for crypto and the collapse of major companies like FTX, with CEO Brian Armstrong writing in a blog post that there could be further contagion following the tumultuous past few months.
Coinbase has long positioned itself as a rule-abiding player in the crowded landscape of renegade crypto companies, buttressed by quarterly reports as one of the few publicly traded centralized exchanges.
