.coinbase will cut 950 jobs by the end of the second quarter as part of a restructuring effort. By JamieCrawleyCD
The company expects the restructuring to cost $149 million- $163 million, including $58 million-$68 million in cash charges related to employee severance.when crypto's bear market began to take hold. CEO Brian Armstrong said at the time that the company had"grown too quickly" in the cryptocurrency bull market, scaling from 1,250 employees to over 5,000 at the start of 2021., as the crypto winter grew even colder with the collapse of fellow exchange FTX.
COIN stock rose over 4% in pre-market trading following the news. At the time of writing, the stock is down around 1% at $38.Read more about
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase to cut another 20% of its workforce in the second wave of layoffsCrypto exchange Coinbase announced a further restructuring plan that involves reducing its workforce by 950 employees to cut operational costs amid the bear market.
Read more »
Coinbase to Cut Nearly 1,000 JobsCoinbase Global said that it would eliminate around 20% of its staff and enact broad costs cuts, the latest sign of pain in the cryptocurrency industry. Chief Executive Brian Armstrong said in a statement that Coinbase will reduce operating expenses by 25% from the previous quarter, including layin
Read more »
Former high-ranking US official who spied for Cuba released after 20 yearsAfter pleading guilty to spying for Cuba in 2002, a former high-ranking U.S. official was released from prison Friday. Ana Belen Montes started spying for Havana in the 1980s.
Read more »
Happy birthday, David Bowie: Ranking his 20 best albumsCounting down the finest albums from the Chameleon of Rock
Read more »
U.S. releases top Cuba spy from prison after 20 yearsAna Belen Montes, a U.S. citizen convicted of spying for Cuba, was released from federal prison on Friday after more than 20 years behind bars, Reuters reported.
Read more »