BlocksInform
The United States-based cryptocurrency base will reduce its staff by approximately 950.
The company had previously dismissed 18% of its employees because of unfavourable macroeconomic conditions.
- Brian Armstrong – CEO of COINBASE – said they had taken the “difficult decision” to dismiss 950 of its team members as part of the company’s long-term strategy to cut some costs amid the prolonged bear market.
- Armstrong added that the crypto winter coincided for the first time with a broader economic slowdown, another factor that has played a role in layoffs.
"Separating from your colleagues always hurts, we could not cut our spending sufficiently, regardless of workforce changes," said the executive.
- Impacted employees will receive at least 14 weeks of base salary and Medicare. The platform will also offer transition support to another business as required.
- Notwithstanding the latest round of layoffs, armstrong remains optimistic that the cryptocurrency market will come out victorious after the end of the bear market, so that the currency will be one of the leaders in its domain.
'but these changes will take some time to materialise, and we must ensure that we have the appropriate operational effectiveness to withstand slowdowns in the cryptography marketplace and seize opportunities that may arise," he concluded.
- Coinbase started downsizing its headcount in June last year, laying off 18% of its employees. At the time, Armstrong justified this decision on the basis that the world economy would enter a recession after a 10-year economic boom.
