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Looming crypto winter: Coinbase lays off 18 percent of the workforce

 


The crisis in the crypto market in May also caused Coinbase shares to plummet. Brian Armstrong, CEO and co-founder of the largest crypto exchange in the US, sees no chance of improvement and is therefore laying off 18 percent of his workforce. Armstrong announced this in an email to his employees on Tuesday, which was also published on the company blog. About 1,100 full-time employees will have to go. 


Excessively rapid growth calls for austerity measures

Armstrong gives several reasons for the drastic measure. A recession could “lead to another crypto winter, and that could last for a long time,” he writes. While it's difficult to make predictions about the industry or the economy, expect the worst to survive. In a declining market, cost management is crucial. A “different way of thinking” is now required.

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Coinbase has grown too quickly in the past, Armstrong explains. At the beginning of 2021, in the middle of the crypto boom, the company still had 1,250 employees. According to the annual report, at the end of December 2021 there were already 3,730 and most recently even 5,000 employees. Too many people were hired, as Armstrong now admits. It's a challenge to grow at just the right pace, he writes.


The entire crypto industry is tightening its belts

At the beginning of the year, Coinbase announced that it wanted to hire 2,000 new employees. Recently there was talk of a hiring freeze, until Coinbase followed with the wave of layoffs. Those affected would be notified via their private e-mail, as the business account would be blocked with immediate effect, as Armstrong said in his e-mail.

Coinbase is far from the only company in the industry tightening its belt. On Monday, rival crypto exchange Gemini said it was laying off 10 percent of its workforce. At crypto lender BlockFi it is even 20 percent.

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