The layoffs come a day after Bitcoin fell as much as 14% after major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers, in the latest sign of the financial market downturn hitting the cryptosphere.
In a filing on Tuesday, the company said it expects to incur about $40 million to $45 million in total restructuring expenses, substantially all related to employee severance and other termination benefits.
Coinbase last month reported a 35% slump in total revenue to $1.17 billion for the three months ended March 31, missing analyst expectations and weighing on investor sentiment.