Coinbase Global plans to cut 1,100 jobs, or 18% of staff

By The Associated Press

Coinbase Global says it plans to cut about 1,100 jobs, or approximately 18% of its global workforce, as part of a restructuring in order to help manage its operating expenses in response to current market conditions. The cryptocurrency trading platform said in a regulatory filing that it expects to have about 5,000 total employees at the end of its current fiscal quarter on June 30. The restructuring plan is anticipated to be substantially complete in the second quarter. The company reported last month that active monthly users fell by 19% in the first quarter amid the decline in crypto values.