Crypto exchange Coinbase Global laid over 60 people due to the current downturn in the industry.

The layoffs occurred in the company’s recruiting team and its institutional onboarding unit.

“These are isolated and targeted actions by two teams to help Coinbase operate as efficiently as possible,” the company spokesperson said. 

Earlier this year, Coinbase had been considering reducing its workforce due to low trading activity. In June, it said it would cut around 1,100 of its employees.

Author: Katie Lin