Coinbase Axed Over 1,000 Workers
Coinbase was one of dozens of crypto companies blindsided in recent months by the cryptocurrency collapse. Though Coinbase hasn’t had to file for bankruptcy, like other crypto firms, it has had to significantly lighten its staff load. Back in June, Coinbase laid off 18% of its total staff, around 1,100 workers, citing a looming recession, the crypto winter, and its own overly optimistic growth projections.
“Our employee costs are too high to effectively manage this uncertain market,” CEO Brian Armstrong said at the time. “The actions we are taking today will allow us to more confidently manage through this period even if it is severely prolonged.”
