Coinbase to Laying off 20% of its workforce
Nasdaq-listed Coinbase Global Inc restructuring plans feature a 20% headcount reduction in an attempt to navigate the bear market. The American crypto exchange emphasizes that laying off 950 employees will minimize operational costs, thereby improving its operating efficiency amidst the prolonged bear market. Second Wave Layoff The January 10 announcement by Coinbase chief executive Brian
Stephen Causby2 min read
Nasdaq-listed Coinbase Global Inc restructuring plans feature a 20% headcount reduction in an attempt to navigate the bear market. The American crypto exchange emphasizes that laying off 950 employees will minimize operational costs, thereby improving its operating efficiency amidst the prolonged bear market.
The January 10 announcement by Coinbase chief executive Brian Armstrong cited the crypto winter as the reason for the kickstarting 2023 with headcount reduction. The official statement indicated the crypto exchange platform would let go of 20% of its staff.
Armstrong noted that the second wave of job cuts targets 950 employees within the projects portraying a lower likelihood of success given the ongoing crypto winter. Unlike the 18% headcount reduction undertaken in June 2022 to overcome the looming economic recession, the Coinbase executive indicated this layoff targets to lower the operating costs by 25%.
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