America's largest crypto exchange is laying off nearly 20% of its staff, or 950 employees.
coin base Announced on Tuesday that the company was making sacrifices to weather the recent turmoil in the crypto markets. The crypto exchange said this would save it almost a quarter of its operating expenses in the future.
Each employee will receive at least 14 weeks of severance pay and health insurance.
โAs we examined our 2023 scenarios, it became clear that we would need to reduce expenses to increase our chances of getting it right in each scenario,โ Coinbase CEO Brian Armstrong said in a statement. a blog post.
