Cryptocurrency exchange Coinbase Global (COIN) has announced that it will cut nearly 1,000 positions from its workforce as part of a new restructuring plan.
Specifically, Coinbase said it will eliminate 20% of its staff, or 950 positions worldwide. The latest cuts follow an 18% workforce reduction at Coinbase last June.
Before the latest job cuts were announced, Coinbase had about 4,700 employees.
The company said it is trying to preserve cash as contagion from the $8 billion U.S. collapse of rival cryptocurrency exchange FTX spreads across the crypto sector.
The layoffs, along with other restructuring measures, will bring Coinbase’s operating expenses down by 25% for the current first quarter ending on March 31, according to the company.
Coinbase’s stock has declined 83% in the last 12 months to $38.27 U.S. per share. The company went public in April 2021.
