Coinbase Announces Mass Layoffs to "Weather the Crypto Winter"

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Adi Ahdiat 17/06/2022 15:00 WIB

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In a report to investors dated June 14, 2022, Coinbase announced it would lay off approximately 1,100 employees.

Coinbase Employee Count (2020-June 2022*)

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Coinbase Employee Count (2020-June 2022*)

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Coinbase, one of the largest cryptocurrency trading companies in the United States, will conduct mass layoffs in the second quarter of 2022.

According to its official financial report, at the end of 2020 Coinbase had 1,249 employees, and at the end of 2021, this number increased to 3,730 employees.

Then, throughout the first quarter of 2022, they still recruited around 1,200 new employees. Therefore, as of March 31, 2022, Coinbase had approximately 4,930 employees.

However, in a report to investors dated June 14, 2022, Coinbase stated that it would lay off approximately 1,100 employees.

According to Coinbase CEO Brian Armstrong, the company made this difficult decision to anticipate an economic recession and a "crypto winter."

"We appear to be entering a recession after about 10 years of economic boom. A recession could cause a crypto winter, and it could last for a long time," wrote Brian in a statement on his official website, Tuesday (June 14, 2022).

"Our team has grown very rapidly and our employee costs are too high to withstand market uncertainty. The actions we are taking will allow us to face this period (of uncertainty) with more confidence, even if it is very prolonged," he explained.

(Also Read: Cryptocurrency Asset Terra LUNA Plummets to Zero in Days)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Coinbase Announces Mass Layoffs to "Weather the Crypto Winter"

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