Leading cryptocurrency exchange Coinbase will shortly announce more layoffs as the industry faces yet another existential threat following the FTX collapse.
According to recent reports, the present crisis in the cryptocurrency market led Coinbase, one of the biggest crypto platforms, to lay off 60 of its employees.
The layoffs are from the recruitment and institutional induction teams.
Layoffs will occur at a time when the cryptocurrency market as a whole is in disarray as a result of the ongoing FTX controversy
Coinbase’s most recent series of layoffs is an indication that the crypto exchange may be attempting to cut expenses in the continuing bear market.
According to reports, Coinbase had already attempted to minimize costs before the FTX issues as dropping cryptocurrency trading volumes were harming this year’s profitability.
According to statistics from Nomics, transaction volume on Coinbase fell by over 75% in the hours after FTX announced its bankruptcy.
The price of cryptocurrencies plummeted this year as a result of rising interest rates and growing concerns about an economic slowdown.