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Cryptocurrencies

Coinbase to cut almost 20% of staff as crypto crunch worsens

U.S.-listed company 'grew too quickly' during last year's bull market, says CEO

Nasdaq-listed Coinbase, the biggest U.S. cryptocurrency exchange, is following rivals that have cut staff.   © Reuters

LONDON (Financial Times) -- Coinbase will cut almost one-fifth of its workforce after sharp price declines and a downturn in cryptocurrency trading volumes rocked some of the industry's biggest players.

The Nasdaq-listed exchange said on Monday it would cut 1,100 employees as the company grappled with a slowdown in trading that has forced it to abandon growth plans.

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