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Crypto winter lingers as Coinbase announces 20% workers lay off

Coinbase has announced in an SEC filing Tuesday it would lay off about 20% of its staff (around 950 employees) amid an ongoing crypto winter. The company has already cut 2,110 employees since June 2022.

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According to The Block Research’s annual report, the second-largest crypto exchange firms also cut almost 9,500 workers through 2022.

The figure included other major exchanges such as Crypto.сom (2,260), Kraken (1,100), and Robinhood (1,060), as well as lenders Celsius (150) and BlockFi (250), the latter of which has also since filed for bankruptcy.

According to layoffs.fyi, the tech industry saw approximately 151,600 job cuts through 2022, with crypto cuts contributing to 6.2% of the total.

Last week, crypto exchange Huobi also confirmed that it plans to cut another 20% of its staff after laying off 300 employees last year. Crypto lender Genesis recently laid off 30% of its staff, leaving 145 people after an additional 20% cut.

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