Another round of Coinbase job cuts, 20% of workforce let go

By MICHELLE CHAPMAN
AP Business Writer

NEW YORK (AP) — Coinbase is cutting approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year. The cryptocurrency trading platform announced the elimination of 1,100 jobs in June, or approximately 18% of its global workforce, in a first round of cuts. Coinbase Global said in a regulatory filing on Tuesday that layoffs are part of its restructuring plan, which it expects to complete by the second quarter. The company anticipates about $149 million to $163 million in total restructuring costs, including approximately $58 million to $68 million in charges related to employee severance and other termination benefits.