Coinbase has announced that it will lay off around 950 staff in a bid to cut costs.
Coinbase, one of the largest and most popular cryptocurrency exchanges in the world, has recently announced plans to lay off a significant portion of its workforce. According to a company statement, the layoffs are a result of the "evolving industry landscape" and a need to "align our company with the current market conditions."
CEO and co-founder Brian Armstrong said in the statement that cost-saving was the main reason behind the lay-offs:
“I've made the difficult decision to reduce our operating expense by about 25% Q/Q, which includes letting go of about 950 people. All impacted team members will be informed by today.”
The news of the layoffs has sent shockwaves through the cryptocurrency community, with many wondering what this means for the future of Coinbase and the industry as a whole. Some have suggested that the layoffs may be a sign of deeper issues at the company.
Despite the layoffs, Coinbase remains one of the most valuable and respected companies in the cryptocurrency space. Founded in 2012, the company has quickly become one of the most popular exchanges for buying and selling digital assets, and it has been widely credited with helping to bring mainstream attention to the world of cryptocurrency.
However, Coinbase's success has not been without its challenges. The company has faced regulatory scrutiny in recent years, and it has also struggled to maintain profitability in the face of intense competition. The recent decline in the price of Bitcoin and other cryptocurrencies has also had a significant impact on the company's bottom line.
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