Coinbase to cut 20% jobs, abandon ‘several’ projects to weather downturns in crypto market

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

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