Coinbase says it will slash 1,100 jobs as crypto winter sets in

FILE PHOTO: Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, 2021. REUTERS/Florence Lo/Illustration/File Photo

Coinbase Global Inc will cut about 1,100 jobs, or 18% of its workforce, the cryptocurrency exchange said on Tuesday, the latest company preparing to ride out a downturn in the cryptosphere.

The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the US Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession.

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