Coinbase Global Inc. announced on Thursday it would lay off more than 60 jobs a day after the cryptocurrency market registered a major selloff prompted by the cancelation of the Binance-FTX acquisition agreement.
This is the second round of layoffs for Coinbase, which already fired about 18% of its workforce or 1,100 workers in June this year while freezing hiring amid the continuous decline of the crypto market. However, Coinbase asserted that the latest decision would help the company to operate more efficiently.
The crypto market rallied today following the release of the better-than-expected October inflation data in the United States. However, Bitcoin still remained at record lows after losing nearly 60% of its market value between April and June, trading for $17.484 at 3:37 pm ET. Ethereum traded just below $1,300, hovering around October levels.
