Coinbase To Trim Workforce By 20%
Coinbase announced on January 10th that it is laying off 20% of its workforce in order to deal with disruptions in cryptocurrency markets.
The layoffs, which will affect approximately 950 employees, are part of a restructuring plan to help Coinbase reduce operating expenses as market conditions continue to impact the cryptoeconomy, according to a filing with the Securities and Exchange Commission on 10th Jan(SEC).
“The crypto market trended downwards along with the broader macroeconomy in 2022,” Coinbase CEO Brian Armstrong wrote in a blog post. “We also saw the fallout from unscrupulous industry actors, and there could be more contagion.”
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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