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Cryptocurrencies in "crisis" / "Coinbase" cuts staff, lays off hundreds of employees

2023-01-15 13:09:00, Tech CNA

Cryptocurrencies in "crisis" / "Coinbase" cuts staff, lays

Coinbase is laying off another 950 employees, just seven months after laying off 1,100 workers. 

In his letter, the company's CEO, Brian Armstrong, points out that he made this decision due to the sharp decline in the crypto market and difficulties in the world economy. 

His intention with this decision is to reduce the company's operating expenses by 25% within one quarter, which requires layoffs.

If we consider that Coinbase had 4,700 employees, this means that the company will work with 1/5 of the workforce.

Armstrong emphasized that the company is not at risk as it has capital and that "the crypto market is not going to disappear". FTX's recent decline and clearer rules from lawmakers will benefit Coinbase in the long run. 

Armstrong points out that for the first time there has been a simultaneous downturn in the crypto market and the wider economy, and that Coinbase's planning and strategy has helped it "survive" the cryptocurrency market over the past decade.

The dismissed workers will receive compensation from the company and will be helped by the company to find another job./ CNA.al

 





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