Coinbase is pulling the plug on a massive project to upgrade its platform, and it could result in a multi-million dollar loss

After a year of hype and key hires, Coinbase announced Tuesday it has cancelled plans to build a new matching engine in Chicago.

The cancellation of the firm's migration to a matching engine built for Wall Street means 30 employees were laid off this morning, a stunning move given the firm was telling clients it would be ready to launch later this year.

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