dominating the year 2022 crypto- the largest city in the USA, which has gone through a difficult period due to the winter cryptocurrency stock market coinbase announced that it has taken new measures to minimize the effects of the crypto winter.
Writing a blog post today Brian Armstrong, CEO of Coinbase, He said he made a layoff decision that affected 950 employees and cut operating expenses by 25%.
Stating that this decision was a difficult one for him, Armstrong continued in his statement. cryptocurrencyHe expressed his belief in people and the sector.
“In 2022, the crypto market showed a bearish trend along with the broader macroeconomics. We’ve also seen the fallout from unscrupulous actors in the industry, and there could be more contamination.
These measures we have taken do not mean that Coinbase is in bad shape. Coinbase has good capital and the cryptocurrency industry is not going anywhere.”
FTXCiting bankruptcy, Coinbase CEO argued that FTX’s bankruptcy would benefit them:
“In fact, I believe recent events (failure of a major competitor, legal clarity etc.) will greatly benefit Coinbase, and they confirm our long-term strategy.
However, these changes will take time to materialize and we need to make sure we have the appropriate operational efficiency to weather the crypto market downturns and seize the opportunities that may arise.
That’s why I made the difficult decision to cut our operating expense by approximately 25%, including the layoffs of approximately 950 people. “
Coinbase CEO added that employees who will be affected by this layoff will be notified.
As it will be remembered, Coinbase has made layoffs before. In this context, Coinbase laid off 1,100 people, or 18% of its workforce, in June 2022 and 60 employees in November 2022.Yea
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