Cryptocurrency exchange Coinbase has announced new job cuts, laying off more than 60 employees.
Coinbase's layoffs coincided with the dramatic financial crisis for cryptocurrency exchange FTX.
Additionally, this is Coinbase's second round of job cuts this year, which came about a week after the crypto market headwinds that contributed to Coinbase's loss of $544.6 million in the US for the three months. Expired September 30th.
Last year, the company made a profit of $406.1 million.
According to a Coinbase spokesperson, the company believes the job cuts will help streamline operations as efficiently as possible.
Coinbase laid off a total of 1,100 jobs, or 18% of its workforce, in June.
The move came about a week after the company announced the extension of the hiring freeze and the cancellation of recently accepted offers.
Previously, CEO Brian Armstrong said Coinbase had had to purge its workforce.
The cryptocurrency industry has suffered this year due to rising interest rates and fears of an economic slowdown.
Many major crypto companies such as Voyager Digital, Three Arrows Capital and Celsius Network have collapsed.
It appears that cryptocurrency exchange Coinbase is now struggling in a bear market that has lasted all year.
Coinbase's quarterly revenue fell 28%, and trading volumes fell 27% during the third quarter of 2022.
The company's stock is also down about 80% this year and is down 27.4% this month alone.
Another major Web 3.0 company has laid off a large number of its employees.
Meta, the parent company of Facebook, confirmed that it is cutting 11,000 jobs, or 13% of its global workforce, as it seeks to focus on its core business areas.
