Cryptocurrency exchange Coinbase is facing another wave of layoffs.
On Tuesday, Brian Armstrong, CEO of the largest crypto exchange in the US, announced in a blog that another 950 jobs would be cut.
This adds up to around 2,200 employees or around a third of the workforce that have been cut in recent months.
Coinbase puts the cost of the restructuring at $149 to $163 million.
The adjusted operating loss of the previous year will amount to around 500 million dollars.
The conversion should be completed by the end of the second quarter.
The job cuts are a response to the ongoing market environment that is weighing on the crypto economy and prioritization of business alignment.
Some projects are to be discontinued.
The industry continues to suffer from the bear market.
The loss of confidence was exacerbated by the collapse of Coinbase rival FTX in late 2022.
The price of Coinbase shares, which fell on Monday in the wake of a significant increase in crypto prices of 7 percent in January, as measured by the MVIS Crypto Compare Digital Assets 100 index, fell by around 1 percent at lunchtime in Europe and premarket in the USA 2.3 percent.
In the past year, the price had already fallen by 86 percent.