Coinbase to Cut Roughly 950 Jobs as Crypto Market Slumps (US/Canada)

The leadership team at Coinbase Global is preparing to reduce its workforce by about 20 percent, a move that affects roughly 950 employees. The decision comes amid intensified pressure across the crypto sector and follows the collapse of another major trading platform, FTX, which has ripple effects felt by investors, exchanges, and traders across North America. This context is particularly relevant to audiences in the United States and Canada, where centralized platforms play a key role in daily trading, custody, and liquidity for both retail and institutional participants. The reduction reflects strategic tightening of expenses during a sustained period of market stress, and it is being communicated as a necessary step to preserve the platform’s long-term resilience, liquidity position, and ability to serve customers in volatile conditions. The announcement has been reported by CNBC, citing a Coinbase press release that outlines the scale and purpose of the layoff plan and how it fits into the broader industry pain coming into early 2023.