Crypto chaos forces Coinbase to axe almost a fifth of its staff

CRYPTO trading platform Coinbase is planning to slash nearly a fifth of its workforce as the value of the digital currency market continues to crumble.

The company, which has seen its value plunge 85pc since it listed on the Nasdaq stock exchange in New York last April, said it would cut 1,100 staff, about 18pc of its total employees, as part of a restructuring plan. It follows a move from rival crypto exchange BlockFi, which this week announced plans to cut 170 jobs – 20pc of its staff.

Crypto.com also said it was getting rid of 260 jobs, around 5pc of its workforce. The cuts came as Coinbase and other crypto firms struggled to survive an ongoing crash in the market that has seen major digital currencies plunge in value as investors fled high-risk assets amid rising interest rates and fears about the global economy. The panic in crypto markets intensified this week after crypto lender Celsius Network stopped customers making withdrawals due to ‘extreme market conditions’, raising fears it could be on the brink of collapse.