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Second-Largest Crypto Platform Laying Off 20% Of Workforce

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LONDON, ENGLAND - DECEMBER 07: A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption. The price of one Bitcoin passed 15,000 USD across many exchanges today taking it higher than previous all time highs. (Photo by Dan Kitwood/Getty Images)

At a glance

  • Coinbase, the second-largest cryptocurrency trading platform, announced Tuesday that it will be laying off about 950 employees, which equates to 20 percent of its workforce.
  • The layoff was ordered to increase “operational efficiency to weather downturns in the crypto market.”
  • Additionally, “several projects” that have a “lower probability of success” will be removed, CEO and Coinbase co-founder Brian Armstrong said in a statement Tuesday.

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