Coinbase lays off around 20% of its workforce as crypto downturn continues

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Coinbase said it would lay off about 20% of its employees. Richard Drew/AP

Richard Drew/AP

The cryptocurrency exchange platform Coinbase is laying off 950 employees — around 20% of its workforce — due to the continued downturn in the crypto market and the broader economy, the company announced. This latest round of job cuts comes after the company laid off about 1,100 people back in June.

Coinbase said it had around 4,700 employees in September following the cuts made earlier last year. But the

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