Cryptocurrency giant Coinbase has announced plans to lay off 20% of its workforce, totalling 950 employees.
It is the third round of major layoffs at the company in under a year. The company eliminated 18% of its workforce, or nearly 1,100 jobs last June
The company, whose shares were up 3.3% at $39.52, said it expects to incur about $149 million to $163 million in restructuring expenses.
Over the past year, the company’s shares have lost about 90 percent of their value amid a broader cryptocurrency plunge.
There was “no way to reduce our expenses significantly enough, without considering changes to headcount,” Coinbase CEO Brian Armstrong said in a blog post.
“We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion,” he added.
“We will be shutting down several projects where we have a lower probability of success.”