Due to continuous fluctuations in crypto currency, Coinbase is about to reduce It's 18% of staff

The greatest  cryptocurrency exchange in the U.S. has battled to keep clients this year

Cryptocurrency exchange Coinbase Global Inc. COIN +1.37% said it is cutting close to a fifth of its staff on the grounds that the organization had developed excessively fast and a possible downturn "could prompt another crypto winter.

The organization said it will diminish its labor force by 1,100 representatives, or around 18% of its staff, as a feature of its endeavors to oversee working costs.

CEO Brian Armstrong said "our worker costs are excessively high to deal with this unsure market successfully.

In May, Coinbase said it lost a huge number of dollars in the main quarter as its exchanging expenses dropped pointedly.

Coinbase said it hopes to have 5,000 staff members following the cutbacks and that laid-off representatives will get something like 14 weeks of severance pay.