Coinbase wants to reduce 18 % of the workforce, CEO warns of possible recession
Coinbase wants to reduce 18 % of the workforce, CEO warns of possible recession
- CEO Brian Armstrong warned that a "crypto winter" could affect the company's trade income
- The crypto exchange has "grown too quickly" and "overwhelmed" since 2021, he said
Coinbase will reduce his workforce in expectation of a recession by 18 %, said Chief Executive Brian Armstrong on Tuesday.
"Today I make the difficult decision to reduce the size of our team by about 18 % to make sure that we stay healthy during this economic downturn," wrote Armstrong in A Blogen .
Armstrong warned that changing economic conditions are signaling the beginning of a recession that could lead to another extensive downturn-known as a "crypto winter" across the board.
In the past crypto winter, the trade revenue from Coinbase had suffered, he added. Armstrong also said that the company has "deteriorated" since 2021 to use the possibilities on the cryptom market.
According to the Coinbase website, the number of employees of the leading US exchange was last over 4,900. A reduction of 18 % would mean that more than 800 people will lose their workplace.
The announcement takes place less than two weeks after the company had announced that the hiring and a number of assumed job offers are drawn.
This is a developing story.
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The contribution Coinbase to Cut 18% of Workforce, CEO Wary of Potential Recession is not a financial advice.