Coinbase to Cut a Fifth of Its Workforce in a Second Round of Layoffs

The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, on April 14, 2021. Shannon Stapleton/Reuters

Coinbase will be cutting a fifth of its workforce following an earlier staff reduction in June 2022 in an attempt to preserve its assets as the crypto industry faces a severe downturn.