Coinbase Laying Off 1,100 Employees, 18% Of Staff

Coinbase Global says it plans to cut about 1,100 jobs, or approximately 18% of its global workforce, as part of a restructuring in order to help manage its operating expenses in response to current market conditions.

The company said in a regulatory filing that it expects to have about 5,000 total employees at the end of its current fiscal quarter on June 30.

Coinbase estimates that it will incur about $40 million to $45 million in total restructuring expenses, mostly related to employee severance and other termination benefits.

The restructuring plan is anticipated to be substantially complete in the second quarter.