FTX Fallout: Startups Should Prepare for ‘Second-Order Fallout’ From FTX CollapseRead Now

Coinbase is laying off staff in a fresh round of cuts, a company spokesperson confirmed. The layoffs, announced internally on Thursday, affect the company’s recruiting and institutional onboarding teams.

The cuts come as the broader crypto industry is reeling from the high-profile struggles of the FTX crypto exchange, which have spooked crypto investors and sent crypto prices tumbling. Even before the FTX issues, Coinbase was working to keep a lid on costs as sinking crypto trading volumes hurt revenue this year.

While the cuts total about 60 people, making them relatively small, they come on the heels of big layoffs at the crypto exchange this summer.