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Crypto Exchange Coinbase to lay off 18% of employees


The cryptocurrency exchange Coinbase Global Inc. said it was cutting nearly a fifth of its employees because the company had grown too fast and a potential recession “could lead to a new cryptocurrency winter.”

The company said Tuesday that it will reduce the workforce by 1,100 employees, or about 18% of employees, as part of its efforts to manage operating expenses. In a letter to all employees, CEO Brian Armstrong said that “our employee costs are too high to deal effectively with this uncertain market.”

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