Coinbase to Cut 14% of Workforce in Cost-Saving Restructuring

By Connor Hart

Coinbase Global will cut about 700 jobs, or roughly 14% of its global workforce, as the cryptocurrency exchange moves to rein in costs and streamline operations.

The company said Tuesday it expects to record $50 million to $60 million in charges related to the cuts, primarily for severance and other employee termination costs. Most of those expenses are expected to hit in the second quarter.

Coinbase said the move will help better manage operating expenses in the current market environment, as well as optimize operations for the artificial-intelligence era.

The company employed 4,951 employees as of Dec. 31, according to the latest headcount available in filings with the Securities and Exchange Commission.

Write to Connor Hart at [e-mail]

(END) Dow Jones Newswires

05-05-26 0750ET