Coinbase Announces Wave of Layoffs at Company

The cryptocurrency exchange Coinbase announced that it will reduce its workforce by 18% in order to reduce operating costs.

The economy in general has been hit hard in recent months, especially the cryptocurrency sector, which has meant that many exchanges have been forced to make massive layoffs from their payroll.

Coinbase, which reported that it will lay off 1,100 employees as part of the cost-cutting plan, the company said in a filing to the United States Securities and Exchange Commission (SEC).

Outgoing Coinbase employees received the news to their personal email addresses after access to Coinbase systems was cut off, according to the memo.

Faced with this harsh situation, the company’s CEO Brian Armstrong published a note about it, referring to the “difficult decision” he had to make.

“Today I shared that I made the difficult decision to reduce the size of our team at Coinbase by approximately 18%. The broader market downturn means we need to be more cost conscious as we head into a potential downturn”, he said. Armstrong.

K. Tovar

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Source: Diariobitcoin