Cryptocurrency exchange Coinbase has announced new job cuts, laying off more than 60 employees.

Coinbase’s layoff coincided with a dramatic financial crisis for cryptocurrency exchange FTX.

Additionally, this is Coinbase’s second round of job cuts this year, coming a week after crypto market headwinds led to Coinbase’s $544.6 million loss in the US over three months. Expires on 30th September.

Last year, the company made a profit of $406.1 million.

According to a Coinbase spokesperson, the company believes the job cuts will help streamline operations as efficiently as possible.

Coinbase cut a total of 1,100 jobs in June, or 18% of its workforce.

The move comes a week after the company announced the extension of a hiring freeze and the cancellation of offers recently received.

Previously, CEO Brian Armstrong said Coinbase had to purge its workforce.

The cryptocurrency industry has suffered this year from rising interest rates and fears of an economic downturn.

Several major crypto companies have collapsed, such as Voyager Digital, Three Arrows Capital, and Celsius Network.

Cryptocurrency exchange Coinbase seems to be struggling in what has now been a year-long bear market.

Coinbase’s quarterly revenue fell 28% and trading volume fell 27% in the third quarter of 2022.

Shares of the company are down nearly 80% this year and are down 27.4% this month alone.

Another major Web 3.0 company laid off a large number of its employees.

Facebook’s parent company Meta has confirmed it is cutting 11,000 jobs, or 13% of its global workforce, as it looks to focus on its core business areas.

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