The US-based cryptocurrency exchange Coinbase will reduce its workforce by around 950 people.
The firm had previously laid off 18% of its employees due to adverse macroeconomic conditions.
Brian Armstrong – CEO of Coinbase – said they had taken the “difficult decision” to dismiss 950 of its team members as part of the company’s long-term strategy to cut some costs amid the prolonged bear market.
Armstrong further claimed that the crypto winter coincided with a broader economic downturn for the first time, which is another factor that played a role in the layoffs.
“While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount,” the executive stated.
Affected Coinbase employees will receive a minimum of 14 weeks of base pay and health insurance. The platform will also provide transition support to another company if necessary.
Despite the latest dismissal spree, Arms
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