The Coinbase layoffs correspond to about 1,100 positions, the platform said in a stock exchange filing.
With stock markets struggling since the beginning of the year and inflation at a four-decade high, tighter monetary policy across the globe has helped to send the crypto industry plummeting. The company believes “managing our costs is critical” while the market experiences a downturn, Armstrong said, noting the company has already weathered several periods of decline in cryptocurrency value.
The platform did not change its forecasts for the year but warned that its results would probably be at the bottom of the range of predictions.
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