Crypto exchange Coinbase to cut about 14% of workforce
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May 5 : Coinbase said on Tuesday it will cut about 700 jobs, or about 14 per cent of its global workforce, as part of a restructuring plan aimed at reducing costs and repositioning the business for the AI era.
Shares of the crypto exchange were up 4.66 per cent in premarket trading.
The company expects to complete the exercise largely in the second quarter of 2026.
Coinbase expects to incur about $50 million to $60 million in total restructuring expenses, mainly tied to employee severance and other termination benefits, with most of the charges to be recognized in the second quarter.
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