Coinbase releases 950 people, citing the current economic climate

Coinbase releases 950 people, citing the current economic climate

The Coinbase cryptocurrency exchange based in the USA will reduce your workforce by around 950 employees.

The company had previously released 18 % of its employees due to unfavorable macroeconomic conditions.

• Brian Armstrong - CEO of Coinbase - said that they had made the "difficult decision" of releasing 950 of his team members as part of the company's long -term strategy in order to reduce some costs in the middle of the continuing Baisse.
• Armstrong continued that the crypto winter fought for the first time with a broader economic downturn, which is another factor that played a role in the layoffs.

"While it is always painful to separate from our colleagues, there was no way to reduce our expenses clearly enough without considering changes to the number of employees," said the manager.

• Coinbase employees receive basic salary and health insurance at least 14 weeks. If necessary, the platform also offers support in the transition to another company.
• Despite the latest wave of discharge, Armstrong remains confident that the cryptocurrency market will emerge as the winner after the end of the bear market, while Coinbase will exist as one of the leading providers in its area.

"But it will take some time for these changes to come into play and we have to make sure that we have the corresponding operational efficiency in order to survive swings on the cryptoma market and to take advantage of the resulting opportunities," he concluded.

• Coinbase began in June last year with personnel loss and dismissed 18 % of its employees. At that time, Armstrong justified the step with the assumption that the global economy was facing a recession after more than 10 years of business boom.

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