Coinbase To Cease Operations In Japan Amid Turbulent Market Conditions

All Coinbase Japan customers have until February 16 to withdraw their fiat and cryptocurrency holdings, Coinbase said in a blog post.

Pickpook learned that Coinbase announced last week that it will launch a second round of major layoffs, planning to lay off 950 people, accounting for about 20% of the company's employees, with the aim of retaining more cash during the downturn in the cryptocurrency market.

In June last year, Coinbase had already carried out its first round of layoffs, cutting 18% of its employees.

Bitcoin prices have fallen 58% over the past year, while Coinbase shares have fallen more than 83%, according to the data. In November last year, Coinbase's market value fell below $10 billion for the first time since its listing.