2023-01-11
Coinbase, a major cryptocurrency trading company It is
starting 2023 with additional layoffs, with another 20% layoffs in the second
wave of layoffs.
Coinbase CEO Brian Armstrong officially announced on Jan. 10
that it would lay off another 950 jobs as part of the company's measures to
reduce operating costs by about 25% during the ongoing crypto winter.
Armstrong stressed that Coinbase and crypto "are not
going anywhere," but that the company must implement layoffs to maintain
"proper operational efficiency," which, as part of reducing staffing,
Coinbase will have to close several projects with a low chance of
success," the CEO said, without specifying which projects would be
terminated.
"In fact, I believe recent events will greatly benefit
Coinbase," Armstrong said, referring to the increased regulatory clarity
and prospects for Coinbase due to ftx's failure.
"But it will take time for these changes to come to fruition, and we need to make sure we have the right operational efficiencies to cope with the downturn in the crypto market and seize potential opportunities."
Source Link: cnbc
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