Nasdaq-listed digital asset exchange Coinbase Global Inc has announced yet another round of job cuts, marking the third major workforce reduction since the cryptocurrency markets entered crisis mode last May.
Around 950 jobs, or 20% of the remaining workforce, will be cut, the company reported on Tuesday.
COIN shares fell from an intraday high of US$41 to test US$39 in light of the announcement.
The restructuring comes as little surprise for the cryptocurrency exchange markets, which have been pummelled by plummeting cryptocurrency prices and soured investor sentiment amid a flurry of major scandals.
Benchmark crypto asset bitcoin (BTC) remains 74% below its all-time high of US$69,000 seen in November 2021.
Many large cryptocurrency companies, including Huobi Global and Genesis, have been forced to reduce their teams to fend off bankruptcy.
Read more: Huobi Global and Genesis join the chorus of crypto job cuts
The job cuts will help operate as efficiently as possible," a Coinbase spokesperson said.
Coinbase cut 1,100 jobs in June 2022 and a further 60 positions five months later in November.
COIN shares are currently 82% down year on year.