US Crypto Exchange Coinbase Fires 60 Employees

US-based cryptocurrency exchange Coinbase has laid off more than 60 employees due to the current collapse of the crypto market.

The company has reported that the reductions have affected the recruiting and institutional divisions.

An exchange representative has said:

“These are isolated and targeted actions by two teams to help Coinbase operate as efficiently as possible.”

In June, the exchange announced a staff reduction of approximately 18% due to the crypto winter.

According to the report for Q3 2022, the net loss of the firm amounted to $545 million compared to $1.1 billion in the previous period. Transaction fee revenue fell 44%.

On November 3, Coinbase Product Director Surojit Chatterjee announced his resignation.