Coinbase CEO Brian Armstrong plans to cut an additional 20% of its workforce in order to manage operating expenses amid the ongoing bear market and FTX contagion. Coinbase slashed 18% of its workforce in June last year and will layoff an additional 950 employees as part of the latest decision. The crypto exchange had 4,700 employees at the end of September.
Coinbase Plans to Layoff 950 Employees
In a blog post on January 10, Coinbase CEO Brian Armstrong announced reducing operating expenses by about 25% quarter-by-quarter. It includes laying off about 950 people. He believes the company needs to reduce operating expenses, which can’t be done without considering changes to headcount.
Further, Coinbase plans to shut down several projects with a lower probability of success. Other projects will continue to operate as usual, with fewer people on the team. The details on the 2023 scenarios and expense outlook will be shared in a public 8-K filing today and the Q4 earnings call in February
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