Crypto exchange Coinbase has revealed it is planning to cut around 20 per cent of its workforce.
The company says the move is responding to ongoing market conditions that are impacting the crypto economy.
It expects the restructuring to cost around $150-170 million.
Coinbase has been shedding jobs since last June when the crypto bear market started to take hold.
Coinbase will also be shutting down several projects with a “lower probability of success.”
