Shulou(Shulou.com)11/24 Report--

CTOnews.com, 11 / 11 / PRNewswire-Asianet /-- Coinbase, the largest cryptocurrency trading platform in the United States, confirmed that it will lay off about 60 people in its recruitment and institutional residency departments, according to the Wall Street Journal.

Elliott Suthers, director of corporate communications at Coinbase, said layoffs will take place in departments that are not as active as they used to be. According to reports, due to the lack of recruitment, Coinbase has reduced the demand for recruiters, while the agency's resident department is dealing with the backlog of new customers.

CTOnews.com learned that Elliott Suthers pointed out that this was a targeted layoff by each of the two teams to help Coinbase operate as efficiently as possible.

In June, Coinbase announced a restructuring plan aimed at reducing operating expenses, involving layoffs of about 1100 people, or about 18 per cent of Coinbase's global workforce at the time.

Coinbase's second-quarter net revenue was $803 million, compared with $2.033 billion a year earlier, while its net loss was $1.094 billion, compared with a net profit of $1.606 billion a year earlier, according to financial data.

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