Cryptocurrency exchange Coinbase to cut 18% of workforce

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An advertisement for Coinbase, center, is displayed on a NASDAQ billboard in Times Square, New York, on Thursday, Nov. 4, 2021.AP Photo/Seth Wenig, File

Coinbase Global says it plans to cut about 1,100 jobs, or approximately 18% of its global workforce, as part of a restructuring in order to help manage its operating expenses in response to current market conditions.

The cryptocurrency trading platform said in a regulatory filing that it expects to have about 5,000 total employees at the end of its current fiscal quarter on June 30.