Coinbase Global (COIN) will layoff around 1,100 employees as part of cost cutting plan, the company said in a filing on Tuesday.
The plan involves cutting workforce by around 18% as of June 10, after which it would have around 5,000 total employees as of the end of the current quarter, the company said, adding that it expects the plan to be executed by the end of the second quarter.
Coinbase is the latest in a slew of crypto companies to announce job cuts.
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