Confidence in Coinbase’s corporate debt has taken a significant hit following the latest round of layoffs at the firm. 

S&P Global, one of the largest credit ratings providers, has downgraded the crypto exchange’s debt one position from “BBB” to “BB-,” moving it from “investment grade” to “speculative grade.”

Explaining the move in a statement, S&P pointed to trading volumes at the exchange which have “weakened meaningfully” and increased levels of regulatory attention following the high-profile collapse of FTX in November 2022. 

(By Will McCurdy)