Coinbase Sheds Roughly 60 Jobs as Cost-Cutting Continues Amid Bear Market

The crypto exchange called the latest reductions “isolated and targeted.”

AccessTimeIconNov 10, 2022 at 9:24 p.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange Coinbase Global (COIN) has laid off just over 60 people as the company continues to reevaluate its headcount amid the ongoing downturn for the industry.

A Coinbase spokesperson told CoinDesk the reductions occurred on the company’s recruiting team along with its institutional onboarding unit. “These are isolated and targeted actions by two teams to help Coinbase operate as efficiently as possible,” the company spokesperson said.

Coinbase was faced with the decision to slash headcount earlier this year because the exchange has been impacted by significantly lower retail trading activity as crypto prices have plummeted. Coinbase said in June it was laying off around 1,100 employees, or 18% of its workforce at the time, as part of a cost-cutting plan.

“We are diligently focused on cost optimization and cash management,” Coinbase said in its third-quarter earnings report earlier this month.

Shares of Coinbase rose almost 11% on Thursday but are down 80% year to date.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.