Coinbase cuts more than 60 jobs

The American bitcoin exchange Coinbase has laid off more than 60 employees, continuing to streamline its staff amid a market downturn. CoinDesk, citing a company spokesperson, reports.

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He said the cuts affected the recruiting and institutional units.

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“These are isolated and targeted actions by two teams aimed at helping Coinbase operate as efficiently as possible,” the source explained.

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

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According to the third-quarter report, the American bitcoin exchange’s net loss amounted to $545 million, versus $1.1 billion in the prior period. Revenue from transaction fees fell by 44%.

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On November 3, announced his resignation as Coinbase’s product director, Surodjit Chatterjee. He noted that he would continue to work with the company as an advisor to CEO Brian Armstrong.

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Earlier, the exchange chief ruled out the influence of the crisis in which the FTX platform found itself, on Coinbase and its users.

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