Coinbase will lay off 20% of its workers in its 2nd big wave of layoffs.

By The Exchange Team

Coinbase is laying off roughly one-fifth of its workers in order to conserve funds during the crypto market collapse.

According to a blog post published Tuesday morning, the exchange intends to lay off 950 employees.

Coinbase, which had 4.7K employees as of Sept., cut 18% of its workforce in June to manage costs and grow "too swiftly" during the bull market.

"With perfect hindsight, we should have done more," CEO Brian Armstrong told CNBC over the phone.

"The best you can do is respond swiftly once information is available, which is what we're doing in this case."

Coinbase estimated that the transfer would incur new expenses ranging from $149 million to $163 million in the first quarter.

Coinbase's March quarter operating expenses will drop 25% due to layoffs and other restructuring.