Leading crypto exchange company, Coinbase has laid off over 60 employees in its recruiting and institutional onboarding departments amid a crypto market turmoil.
This comes weeks after crypto market headwinds contributed to Coinbase's net revenue slowdown to $576 million for the third quarter of 2022, down 28% from $803 million the previous quarter and trading volumes falling 27% during the same period.
Coinbase had previously made one of the biggest layoffs in June 2022, having cut 1,100 jobs, or 18% of its workforce, weeks after it said it would extend a hiring freeze and rescind a number of accepted offers earlier in the year.
The crypto exchange company suffered even more losses as cryptocurrencies continue on a bearish run this year as higher interest rates and exacerbating worries of an economic downturn cratered prices. Coinbase’s stock is down nearly 80% this year and down 27.4% this month alone.
Although Coinbase appears to be struggling in this bear market and stock shares are plummeting, the Crypto exchange firm has said that it does not have any connection to crumbling rival exchange FTX or its sister company Alameda Research.