Coinspeaker
Coinbase Embarks on Layoff Again to Preserve Cash amid Crypto Meltdown
Coinbase (NASDAQ: COIN) is reportedly planning a second major round of staff downsizing following an 18% headcount reduction last June. The latest Coinbase layoff comes amid a sustained crypto market downturn as the exchange tries to preserve cash. The major exchange intends to cut 950 jobs (20%). According to chief executive officer Brian Armstrong:
“With perfect hindsight, looking back, we should have done more. The best you can do is react quickly once information becomes available, and that’s what we’re doing in this case.”
As of September ending last year, Coinbase had a headcount of approximately 4,700 employees following the June reduction. The prominent American crypto exchange claims it grew too quickly during the bull market.
Coinbase also estimated that its latest layoff would incur new expenses of up to $163 million for the first quarter. However, the downsizing and other restruct
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