Advertisement Banner
  • Home
  • News
  • Cyber News
  • Contact
No Result
View All Result
  • Home
  • News
  • Cyber News
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Coinbase to cut 20% of its remaining workforce

admin by admin
January 10, 2023
in News


Coinbase, the largest cryptocurrency exchange in the U.S., will be letting go of around 950 employees, or about 20% of its current workforce, as part of “a further restructuring plan,” which is expected to be “substantially complete” by the second quarter of 2023. 

See related article: Coinbase blames India’s central bank for exit

Fast facts

  • In a U.S. Securities and Exchange Commission filing on Tuesday, Coinbase said it will incur about US$149 million to US$163 million in total restructuring expenses related to employee severance and other termination benefits.
  • Coinbase said it expects to substantially account for these charges in the first quarter of 2023.
  • The company said it expects certain operating expenses for the quarter ending in March of 2023 to be about 25% lower than that of the quarter ending in December last year.
  • In June last year, Coinbase cut about 1,100 employees or 18% of its headcount at the time. 
  • Coinbase joins a growing list of crypto exchanges to announce layoffs in recent months. Job losses in the industry were estimated to be as much as 40% in December following the collapse of FTX.
  • Coinbase share price on the Nasdaq closed 15.06% higher at US$38.27 on Monday but was down around 2.6% during Tuesday’s pre-market trading. 
  • See related article: The last 12 months the year to forget, says India’s WazirX crypto exchange



Source link

Previous Post

IMSC Task Force Completes Maritime Exercise with Unmanned Systems, A.I.

Next Post

Locals protest against NTPC, seek their withdrawal from state –

Next Post

Locals protest against NTPC, seek their withdrawal from state -

Recommended

Regulators should seek greater disclosure from stablecoin issuers: HK monetary authority researchers

3 months ago

Is Drug Regulation in India a Myth? – The Diplomat

6 days ago

© 2022 Law Enforcement News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Cyber News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Cyber News
  • Contact

© 2022 Law Enforcement News Hubb All rights reserved.