Coinbase Lays Off 30 in Chicago: “Not Everything We Attempt Will Succeed”4

Cryptocurrency exchange Coinbase has called off plans for a new matching engine in Chicago, which had been scheduled to launch later this year, Fortune reports.

The decision meant that 30 staff at Coinbase’s Chicago office were laid off yesterday, with immediate effect. There has been no official comment on the total investment sunk in the project so far, but it is estimated to run into the hundreds of millions of dollars. Software engineers with the ability to build matching engines of this kind can get paid hundreds of thousands per year.

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