June 25, 2022

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Crypto exchange Coinbase will lay off 18 percent of its employees - E24

Crypto exchange Coinbase will lay off 18 percent of its employees – E24

The repeats come after the cryptocurrency market has weakened sharply in recent weeks and months.

Coinbase is listed on the New York Stock Exchange.
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Coinbase will cut 18 percent of permanent jobs on the cryptocurrency exchange, senior manager Brian Armstrong says in a message on the company’s website.

According to the online newspaper, the cryptocurrency exchange has about 5,000 employees CNBCWho mentioned the news first.

Coinbase CEO Brian Armstrong points out the possibility of a recession, and that the company should, among other things, increase efficiency.

“It looks like we are entering a recession after an economic boom that has lasted more than 10 years,” Armstrong says. “The recession could lead to a new crypto winter, and it could go on for a long time.”

Cryptocurrency down

The value of the cryptocurrency rose sharply towards the end of 2021. Bitcoin reached its peak levels of more than $68,000 in November last year.

After that, the cryptocurrency market plunged sharply, taking another plunge this week. Bitcoin is now at its lowest level in about 18 months, priced at just over $22,000 on Tuesday afternoon.

This year’s decline occurred at the same time that there were turmoil and also a downturn in stock markets around the world. Several analysts have pointed out that cryptocurrencies are affected by market turmoil and increasing skepticism towards riskier investments.

The Coinbase manager says our staff costs are too high to handle this uncertain market effectively.

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– You grew up too fast

Armstrong believed that the company grew very quickly in a “bullish market,” when the market was doing well.

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It’s hard to grow at the right pace given the scale of our growth. Although we have tried to get this quite right, it is clear to me in this case that we have done too much, Armstrong wrote in the letter.

He notes, among other things, that the company had 1,250 employees at the beginning of 2021.

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