TechCrunch - Coinbase plans to cut 950 jobs, or about 20% of its workforce, and shut down “several”

Coinbase plans to cut 950 jobs, or about 20% of its workforce, and shut down “several” projects as the U.S. crypto exchange giant looks to reduce its expenses to increase its “chances of doing well in every scenario.”This is the second round of major layoff at the crypto exchange, which eliminated 18% of its workforce, or nearly 1,100 jobs last June, but there was “no way to reduce our expenses significantly enough, without considering changes to headcount,” Coinbase co-founder and chief executive Brian Armstrong wrote in a blog post Tuesday.The moves are part of the company’s efforts to cut its operating expenses by about 25% quarter over quarter, he said. The company estimates that it will incur approximately $149 million to $163 million in total restructuring expenses, consisting of approximately $58 million to $68 million in cash charges related to employee severance and other termination benefits, it disclosed (PDF) in a 8K filing with SEC Tuesday.Link in the bio to the full article 👆 Story by Manish SinghImage Credits: TechCrunch#TechCrunch #technews #Coinbase #layoffs #crypto
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