Coinbase refuses to rule out a further job cuts

One of the highest executives in Coinbase has admitted that the stock exchange may have to consider further job cancellations, the global sale on the cryptom market should further tighten.

"You never say. The only obligation we can enter into is that we will conduct the company responsible and in the long term, and if this requires additional measures, we will do so," said Faryar Shirzad, Chief Policy Officer of the company, at the FT program "The Next Web" conference on Friday in Amsterdam. However, he added: "We are not currently expecting it."

His comments come after a turbulent week in the crypto industry, in which many exchanges were forced to give up their ambitious growth plans after six months of decline in popular digital currencies such as Bitcoin and Ether.

Coinbase said this week that almost a fifth of his workforce, almost 1,110 employees, would reduce and join rivals such as Crypto.com and Gemini to make extensive layoffs. After completing the last year with 3,730 employees, Brian Armstrong, CEO of Coinbase, admitted that the company was "too quickly".

The price of Bitcoin, the most popular cryptocurrency, has fallen by 60 percent in November since its all -time high of almost $ 70,000 in November. The competing asset ether fell even further and crashed by around 70 percent this year. At Coinbase, the break -ins led to a surprising desire to net in the first quarter of $ 430 million, but the company is determined to fulfill its forecasts for the three months to June.

Shirzad said Coinbase worked in a "very, very difficult environment". "The company decided what it had to do to be able to build in the long term," he added.

Shirzad also repeated controversial recent comments from Armstrong, which affected an anonymous employee petition in which the resignation of three high -ranking managers from Coinbase was requested.

When asked about the work morality of the employees, Shirzad said: "If the employees in the company are not satisfied, they naturally have the opportunity to express their special concerns.

The latest growth problems from Coinbase are in contrast to the FTX competitive exchange. CEO Sam Bankman-Fried said the Financial Times at the same conference that the stock exchange had no plans to reduce personnel.

"We will continue to expand and also make sure that we try to expand at a sustainable pace. We do not have thousands inactive workers, we tried to stay relatively efficient," he said on Thursday.

Additional reporting of Cristina Criddle