Crypto contagion deepens: Coinbase to slash nearly 1,000 jobs

Coinbase Global Inc said on Tuesday it will reduce its workforce by about 950 employees as part of a restructuring plan, in a third round of layoffs for the cryptocurrency exchange since last year.

Last year, rising interest rates and worries of an economic downturn wiped out more than a trillion dollars from the crypto sector. The slump also forced key industry players such as Three Arrows Capital and Celsius Network to shut shop. "We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post.Coinbase said it had no additional comment on the projects it was planning to shelve.

Last week, crypto lender Genesis also slashed 30 per cent of its workforce in a second round of layoffs in less than six months.

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