Coinbase to lay off 1,100 as users fall with declining crypto values

Interest in crypto, other digital assets still strong despite recent crash, survey shows

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Coinbase estimates that it will incur about $40 million to $45 million in total restructuring expenses, mostly related to employee severance and other termination benefits.

The restructuring plan is anticipated to be substantially complete in the second quarter.

The remote-first company was founded in 2012 and has no headquarters. It went public just over a year ago, in April 2021, by listing its stock directly and skipping the traditional process of hiring underwriters. Shares closed on the first day at around $328. In premarket trading Tuesday, the stock lost 7% to $48.40.

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