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Coinbase Reduces the Size of the Firm’s Workforce by 18%

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Amid the carnage in the cryptocurrency market, digital currency exchange Coinbase has announced that it has decided to lay off 18% of its workforce. The announcement follows the company’s initial plans to slow down the hiring process and withdraw a number of job offers.

Coinbase ‘Growed Too Fast’ Says Crypto Exchange CEO

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On June 14, Coinbase published a blog post written by the company’s CEO, Brian Armstrong. The letter from Armstrong was announced in a tweet saying: Coinbase CEO Brian Armstrong announced today the difficult decision to reduce the size of the Coinbase team by 18%. More details and rationale in Brian’s email to employees, which has been released to the public,” the company added.

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Armstrong’s letter explains that the decision was made so that Coinbase can stay healthy. “I am making the difficult decision today to reduce our team size by approximately 18% to ensure we stay healthy during this economic downturn,” Armstrong wrote. “I want to tell you below why I am making this decision, but first I want to start by taking responsibility for how we got here. I am the CEO and the responsibility falls on me.”

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Armstrong also noted that “economic conditions are changing rapidly” and that “managing our costs is critical in declining markets.” He also said that Coinbase was “growing too fast.” All employees will receive a letter from Human Resources, says Armstrong. The letter, according to Armstrong, will say whether or not you will be affected by this dismissal. Laid-off employees will receive a minimum of 14 weeks of severance pay, four months of COBRA health insurance, and access to the Talent Hub.

Coinbase Joins Layoff Trend, COIN Stock Drops 85%

Coinbase is laying off 18% after a slew of crypto companies laying off employees. Bitcoin.com News Reported Blockfi’s 20% Staff Cut On Monday And Crypto.com CEO said The exchange had to lay off 260 employees. “Our approach is to focus on executing our roadmap and optimizing profitability while doing so,” said Crypto.com CEO Chris Marsalek. Marsalek added:

This means making difficult and necessary decisions to ensure continued and sustainable growth over the long term by purposefully reducing approximately 260 or 5% of our corporate workforce.

A number of other crypto-focused companies such as Buenbit, Bitso, Rain Financial, 2TM and Gemini have also made redundancies. Coinbase’s layoffs also coincide with a significant drop in the company’s share price. After initially trading at $342 per share, COIN is down 85.54% to trade at $49.35 on Tuesday morning (ET).

What do you think of Coinbase’s 18% staff cut on Tuesday? Let us know what you think about it in the comments section below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.





Credit : news.bitcoin.com

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