• 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.

Tagged: CryptoCurrency