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Tuesday, March 28, 2023

Coinbase Reduces the Size of the Firm’s Workforce by 18%

Coinbase Reduces the Size of the Firm’s Workforce by 18% – Coinbase’s CEO Brian Armstrong wrote a blog post on June 14 that was published on the company’s website. Armstrong’s letter was published in a Tweet, which stated: Coinbase CEO Brian Armstrong today announced the difficult decision to cut the size of the Coinbase team by 18%. Brian’s email to workers, which has been made public for anyone to read, contains further details and rationale,” the company added.

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The decision was made to keep Coinbase healthy, according to Armstrong’s letter. “Today, I am making the difficult choice to cut the size of our staff by around 18 percent in order to ensure we stay healthy during this economic downturn,” Armstrong wrote. “Below, I’ll explain why I’m making this decision, but first, I’d like to accept responsibility for how we got here. I’m the CEO, and I’m responsible for everything.”

Also Read: Crypto Lending Company Blockfi Cuts Staff by 20%

“Economic conditions are swiftly shifting,” Armstrong added, adding that “controlling our costs is critical in down markets.” Coinbase “expanded too quickly,” he added. Armstrong explained that the Human Resources (HR) department would send a letter to all workers.

According to Armstrong, the letter will tell you if you “are affected or unaffected by this layoff.” Employees who are laid off will receive at least 14 weeks of severance pay, four months of COBRA health insurance, and access to the Talent Hub.

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Following the lead of a slew of other cryptocurrency startups, Coinbase has laid off 18 percent of its workforce. Blockfi slashed workers by 20% on Monday, according to report and Crypto.com’s CEO stated the exchange had to lay off 260 employees. “Our strategy is to stay focused on delivering against our roadmap while also optimizing for profitability,” said Crypto.com CEO Kris Marszalek. 

Marszalek went on to say:

“That involves making difficult but necessary decisions to maintain long-term success by reducing our corporate workforce by around 260 people, or 5%.”

Also Read: Lawsuit Accuses Binance US of Selling Unregistered Securities

Coinbase Reduces the Size of the Firm’s Workforce by 18% – Buenbit, Bitso, Rain Financial, 2TM, and Gemini are among the other crypto-focused firms that have reduced their workforce. Coinbase’s layoffs coincide with a sharp dip in the company’s stock price.

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