Coinbase, the largest cryptocurrency exchange in the U.S., announced a major restructuring plan that will help it weather the broader crypto market downturn. Brian Armstrong, the exchange’s CEO, announced today that Coinbase will lay off around 950 of its employees globally.
The move will reduce the company’s operating expense by around 25% quarter over quarter and enable the company to better capture future opportunities, Armstrong said in a letter to employees.
Armstrong said that this was the first time a natural crypto cycle coincided with a broader economic downturn, rendering its revenue planning strategies for bear markets useless.
“As we examined our 2023 scenarios, it became clear that we could need to reduce expenses to increase our chances of doing well in every scenario”
He noted that there was “no way” for the company to reduce its operating expenses significantly enough without considering changes to its headcount.
Slashing almost a quarter of its employees wi
We współpracy z: https://cryptoslate.com/coinbase-lays-off-950-employees/
