Having already done layoffs previous months, the cryptocurrency exchange Coinbase has announced that it will lay off 950 employees to save money and survive this difficult cryptocurrency winter.
It was the CEO of Coinbase, Brian Armstrong announcement bad news for employees in a blog post. An announcement that was not posted on the company’s Twitter account.
“We need to ensure we have the appropriate operational efficiencies to weather the downturns in the cryptocurrency market and capture the opportunities that may emerge. I have therefore made the difficult decision to reduce our operational costs by approximately 25% T/T, which includes the dismissal of about 950 people. All affected team members will be notified by today.
Coinbase has gone through several bear markets using this process. It’s here first time we have seen a crypto cycle coincide with a broader economic downturnbut otherwise it is similar. As we reviewed our 2023 scenarios, it became clear that we needed to cut expenses to increase our chances of success in each scenario.
While it is always painful to be separated from our colleagues, we have not been able to reduce our expenses sufficiently without taking into account changes in the workforce. As part of a scale-up like this, we will close several projects where we have a lower probability of success.“, specifically reads the statement by the CEO of Coinbase.
the COIN Coursethe share of the company Coinbase, is currently falling on the eve of the opening of the American financial markets.
Coinbase is not the only cryptocurrency company in this situation, kraken, BitMEX, CryptoCom, Coinflex. Immutable X, Robin Hood, Little by little, Hubi, Bitpanda, CoinFLEX, Blockchain. com, Offshore NFT, or Twinsthey have also carried out massive layoffs in recent months.
Most recently, NFT marketplace SuperRare announced the layoff of 30% of its staff, Click here to read our article.
A cryptocurrency trading sector that is therefore trying to survive during this devastating down cycle for many companies in this sector already heavily impacted by the recent bankruptcies of FTP extension, Celsius, BlockFiAnd Digital journey,
A cryptocurrency market still uncertain waiting to understand in which direction the The price of bitcoin is currently above $17,000, Click here to follow the BTC course in real time.