Crypto exchange Coinbase (COIN) is letting go of about 1,000 employees as part of a critical strategy to weather down the crypto winter. According to a report from Reuters, this is the company’s third round of layoffs as macroeconomic conditions and persistent downside pressure the nascent sector.
Coinbase’s CEO, Brian Armstrong, explained the restructuring strategy and the motivations behind the decision to cut down on his staff. The crypto exchange was founded in 2012, surviving multiple bear markets, but this is the first time a crypto winter coincides with a macroeconomic downturn.
Coinbase Worry About More Crypto Contagion
Furthermore, Armstrong believes that the crypto exchange will benefit from recent events. However, there is still a short and medium-term risk.
The company decided to reduce its headcount after planning for 2023. The most significant factor influencing this decision was the collapse of the crypto exchange FTX. This company filed for bankruptcy in late
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