Coinbase begins with the second round of layoffs!

Cryptocurrency trading platform Coinbase has announced that it intends to lay off 20% of its employees and attributed this layoff to the need to conserve cash in light of the cryptocurrency market downturn, and the platform plans to cut 950 jobs, according to a statement released Tuesday, January 10.

Coinbase, which had 4,700 employees as of the end of September, laid off 18% of its staff in June, in a plan to cut costs and keep pace with rapid growth.

Cryptocurrency markets have been rocked in recent months by the collapse of one of the biggest players in the industry, FTX platform.