Cryptocurrency exchange Coinbase Global Inc said on Tuesday it will reduce its workforce by about 950 employees as part of a restructuring plan.

A clutch of crypto firms, gripped by an industry-wide downturn that has deepened with the collapse of major exchange FTX, have filed for bankruptcy protection in recent months.

Coinbase shares rose 2.9% in premarket trading.

(Reporting by Manya Saini in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta)