Crypto contagion deepens: Coinbase to slash nearly 1,000 jobs

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(Reuters) - Coinbase (NASDAQ:COIN) Global Inc said on Tuesday it will reduce its workforce by about 950 employees as part of a restructuring plan, in a third round of layoffs for the cryptocurrency exchange since last year.

The company said it expects to incur about $149 million to $163 million in restructuring expenses. Its shares reverse coursed to fall 2.3% premarket after rising more than 5% on the layoffs announcement earlier.

Last year, rising interest rates and worries of an economic downturn wiped out more than a trillion dollars from the crypto sector. The slump also forced key industry players such as Three Arrows Capital and Celsius Network to shut shop.

However, the bigger blow came after larger crypto exchange FTX filed for bankruptcy protection in November. Its swift fall has sparked tough regulatory scrutiny of how major exchanges hold user funds.

"We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post.

"We will be shutting down several projects where we have a lower probability of success."

Coinbase said it had no additional comment on the projects it was planning to shelve.

The crypto world's woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles.

Last week, crypto lender Genesis also slashed 30% of its workforce in a second round of layoffs in less than six months.

Coinbase in November cut more than 60 jobs in its recruiting and institutional onboarding teams, after slashing 1,100 jobs, or 18% of its workforce, in June.

Shares in the company lost roughly 86% of their value last year, in line with the downturn in the fortunes of the sector.