Major cryptocurrency exchange Coinbase is starting 2023 with more layoffs, letting go of another 20% of its employees in a second big wave of layoffs.
Coinbase CEO Brian Armstrong Officially Announced On January 10, Coinbase will cut 950 jobs as part of the company's moves to reduce the company's operating costs by around 25% amid the ongoing crypto winter.
Armstrong stressed that Coinbase is "well capitalized" and crypto is "not going anywhere," but the company has to proceed with layoffs to maintain "proper operational efficiency."
โIn fact, I think that recent events will ultimately end up benefiting Coinbase greatly,โ Armstrong stated, referring to increasing regulatory clarity and opportunities for Coinbase due to the FTX failure. He added:
"But it will take time for these changes to materialize, and we need to ensure we have the right operational efficiencies to weather downturns in the cryptocurrency market and take advantage of opportunities that may arise."
The latest layoffs come months after Coinbase initially reduced its workforce by 18% in June 2022, with Armstrong citing an initial economic downturn.
This article is under development and will be updated.
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