The downturn in crypto has put pressure on companies like Coinbase, which went public in 2021 and expanded rapidly during the pandemic. The price of Bitcoin has fallen more than 70 percent from its 2021 peak.

A number of technology companies, including Amazon, Meta and Salesforce, have recently announced layoffs, with many — like Coinbase — saying that they hired too aggressively during a burst of activity in the earlier stages of the pandemic. Higher interest rates, stubborn inflation and other factors that slowed the economy since then have forced many executives to rethink their plans.

Coinbase said its latest cuts were part of a plan to reduce costs by 25 percent this quarter. The layoffs would cost between $149 million and $163 million, Coinbase said. The company is offering employees who were laid off at least 14 weeks of base pay, health insurance and assistance finding a next job.

Still, Mr. Armstrong said some of the recent developments in the crypto world, including the fall of what he described as “a large competitor,” could “end up benefiting Coinbase greatly.”