Coinbase layoffs more than 60 recruiting, onboarding employees

Coinbase said it is laying off more than 60 employees amid a turbulent market startled by the possible demise of fellow cryptocurrency exchange FTX.

The U.S.-based Coinbase said in a statement the plan to layoff employees who work in recruiting and onboarding would help the cryptocurrency exchange “operate as efficiently as possible.”

Those employees affected would receive "generous" severance packages, according to a company spokesperson. In June, Coinbase cut 1,100 jobs, or 18% of its workforce, and its chief product officer departed as the exchange restructured its product team in early November. 

FTX’s rapid fall from grace has sent shockwaves through the crypto industry. Trading platforms like Coinbase and Binance appear particularly concerned about proving they are not making, and will not make, the errors which may have contributed to FTX’s troubles.