The U.S. cryptocurrency exchange joins BlockFi and Crypto.com in cutting headcounts, the latest chapter in what has been a brutal start to the year for the sector. (The Logic)

Talking point: BlockFi and Crypto.com are laying off roughly 20 per cent and five per cent of staff, respectively, while Coinbase is cutting 1,100 workers, or about 18 per cent of its workforce. Coinbase CEO Brian Armstrong said in a blog post that the company needed to manage expenses after its team grew by four times in the last 18 months. “It is now clear to me that we over-hired,” he wrote. Crypto prices have plunged again this week amid news that crypto-lending startup Celsius, which is backed by the Caisse de dépôt et placement du Québec, paused customer withdrawals. An economic recession could lead to another “crypto winter,” Armstrong wrote, prompting the need for Coinbase to tread cautiously.