Cryptocurrency exchange Coinbase has announced that it will lay off 950 employees, which is 20% of its total staff. It was stated that this decision was taken due to the bad course of the crypto money markets.
The already dire state of cryptocurrencies worsened after the collapse of giant stock market FTX, with the leading cryptocurrency Bitcoin (BTC) falling to recent lows. Naturally, this situation caused many companies in the sector to be adversely affected, and some even to go bankrupt.
The information coming today is from the world’s largest stock exchanges. Coinbase’s revealed that he would take a step because of this bad course. According to the statements made by CEO Brian Armstrong, the US company has a significant part of its employees. to dismiss plans. This move has put Coinbase among companies that have recently fired their staff en masse.
950 employees will be laid off
Armstrong announced this development in an email to staff. In the statement, the total number of employees, which is 4750 in total, 950 people, which corresponds to 20% was declared to be fired. The company, collective dismissal, ‘overcoming the downturn in the cryptocurrency markets’ He added that because
Armstrong also referred to FTX founder Sam Bankman-Fried, who has been accused of money laundering and fraud.unscrupulous actors in the industry” He also stated that it influenced Coinbase’s cost reduction efforts. The 39-year-old businessman also said in his statements:While it was always painful to part ways with our colleagues, there was no way we could adequately reduce our costs without making changes in staffing.”
This is not the first recent layoff from Coinbase. The giant company, again in the summer, in order to reduce costs around 1,100 He announced that he had fired his employee. In addition, 60 employees were laid off in November.
Apart from the crypto sector, similar steps have been coming in recent months due to the ongoing economic uncertainty from other technology states. A few days ago, Amazon announced that it would lay off 18,000 of its employees.
If you are wondering about the companies that have fired their employees en masse lately, you can take a look at our content below.
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