The largest crypto exchange in the USA, Coinbase, announced that it will close some projects as part of the restructuring of the company, citing the recession in the crypto money market, and terminate the employment of 950 employees.
CEO of Coinbase Brian Armstrong January 10 In the post published on the Coinbase official website, recession in cryptocurrency markets within the scope of restructuring 950 announced that they had terminated the employee’s employment. Armstrong also they don’t see a bright future some projects they will end and on the road other continue with projects they will stated. CEO with layoff your costs important extent decrease and more productive While informing customers that they are aiming to have a team, Coinbase’s economic infrastructure still good gave the message that
Armstrong’s falling cryptocurrency prices and industry scandals to insecurity addressing the current challenging conditions that they can overcome but the future opportunities better to be able to evaluate resources for effective their use expressed the need. Armstrong approximates the operating costs of the layoff. 25% will reduce also added. Despite everything, the CEO also of your opponent eliminationcrypto money markets from scammers purification and ensuring regulatory clarity this crypto winter in terms of beneficial you found also included in his comments.
Dismissed employees are already on the Coinbase infrastructure. access to that you’ve been cut off Stating that, Armstrong informed the employees about the decision. unexpected a way for explaining sad but that customer data security suggested that they should do so. of your employees their performance on dismissal effective not Emphasizing Armstrong to all employees Thanks had a comprehensive support package and find a job opportunity employees who were laid off will be supported he promised.
On the other hand, Coinbase to the US Securities and Exchange Commission (SEC) in the statement submitted, the approximate number of layoffs 58 to 68 million in total in cash 149 to 163 million dollars and that this cost 91 million dollars from taxes offset to do He said they were planning.
coinbase 2022 of the year June made a similar statement in to 18% corresponding to approximately 1,100 of the person to your job had ended. Armstrong said in June that over the past two years, lots that they grew up and costs Caution they should had stated.