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Bangkok Post
Bangkok Post
Business

Coinbase to lay off 18% of workers as crypto winter worsens

Coinbase Crypto Coinbase Global Inc
FILE PHOTO: The logo for Coinbase Global Inc, the biggest US cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, April 14, 2021. (Reuters)

Coinbase Global Inc announced Tuesday will lay off 18% of its workforce in another sign of a worsening crypto downturn that’s shaved off trillions of the total cryptocurrency market value.

The largest US digital-asset trading platform is following in the footsteps of other cryptocurrency-related businesses that have recently cut staff, including follow exchange Gemini Trust Co and lender BlockFi Inc, both of which cited the arrival of a crypto winter -- a prolonged market downturn -- as the reason for the layoffs.

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