Coinbase, the most popular cryptocurrency trading platform, will reduce the employment of about 1,100 people.
On Tuesday, the company announced that it would reduce its headcount by 18% as it prepared to avoid a crypto downgrade.
Cryptocurrencies have tumbled and the market value of digital assets fell below $1 trillion on Monday as investors dumped risky assets into the United States last week fearing a sharp rise in interest rates following the high inflation data of the paddy field.
“Today I am making the difficult decision to reduce our team by approximately 18% to ensure that we are healthy during this recession,” said Brian Armstrong, CEO of Coinbase. I mentioned it in my blog post.
“After more than a decade of economic boom, it seems that we are in a recession. The recession may lead to another cryptocurrency and it may last a long time,” he added. ..
According to Armstrong, employees will receive an email in the event of damage notifying them that details are not provided. It’s worth noting that the CEO is worth $2.4 billion.
“I was released from Coinbase today, just a year later. I came here to build and really believed in Coinbase’s mission, but here I couldn’t save months and babies. It will be here soon,” one of Coinbase’s former managers wrote to Blind. , an anonymous application at work.
The other fired employee wrote on Twitter asking if he was hiring anyone.
Earlier this month, Coinbase announced that it would extend the hiring freeze and cancel bids it received to address the current economic situation.
As the crypto market reached new heights during the pandemic, the firm boosted hiring, with employees nearly quadrupling in just five quarters.
Bitcoin, the world’s largest cryptocurrency, fell 14% on Monday after crypto lender Celsius Network froze funds and remittances.
Coinbase alone has not slowed down, as crypto market failures have forced companies like BlockFi and Crypto.com to cut hundreds of jobs.
Shares of the company have already fallen about 80% this year, and total restructuring costs mainly related to layoffs and other severance pay are expected to be between $40 million and $45 million.
Bitcoin is down nearly 70% after hitting an all-time high of $69,000 in November. Now it’s $20,245.
Source: Metro
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