Coinbase (COIN), the second largest centralized crypto exchange in the world, has done another round of job cuts, according to a report by Reuters.
The exchange has fired over 60 people in its recruiting and institutional onboarding teams as its rival FTX (FTT) is struggling for its solvency after multiple reports saying it has mishandled user funds.
The newest job cuts will allow Coinbase to operate in a more efficient way in an increasingly deepening crypto winter, according to the report. Coinbase saw a net loss of $544.6 million in the third quarter of 2022, compared to a $406.1 million in profit a year ago.
This is the second round of layoffs Coinbase has done in the last six months. In June, the company reduced its headcount by 18%, which impacted around 1,100 jobs.
COIN is currently trading at $50.92, down 85% from its all-time high of $328.28, according to data from Yahoo! Finance.
Crypto asset prices have continued…
