cuts 20% of workforce amid sector-wide layoffs

Quick Take

  • today announced a 20% reduction in the size of its global workforce. 
  • The news comes just a few days after Coinbase said it would reduce its headcount by the same percentage., the Singapore-based crypto wallet and payments firm, is cutting around 20% of its global workforce. 

The company announced the news in a blog post published today. Kris Marszalek, the firm’s CEO, said in a statement that the decision was made to focus on “prudent financial management” and “to position the company for long-term success.”

These are the latest in a series of layoffs at that began last year. In July 2022, the firm announced that it had laid off 260 employees, or 5% of its workforce, but reports suggested the cuts ultimately exceeded that number. 

The news comes during a week in which Coinbase and, two more giants of the crypto sector, also announced layoffs. Coinbase said on Jan. 10 that it would lay off around 950 staff, while said it would shed around 110 employees. did not immediately respond to a request for comment. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.