Coinbase Cuts Employees By 18% as Market Outlook Remains Bleak
CEO Brian Armstrong has announced that approximately 18% of all of Coinbase Global Incs workforce will be laid off as the cryptocurrency trading platform strategizes to navigate the now evident crypto winter. While Armstrong cited over-hiring in the wake of the Nasdaq-listed American cryptocurrency trading platforms expansion in early 2021 as one of the reasons for the explosive growth, it noted that the reality of the economic outlook is not encouraging and the business has to survive in case the recession is drawn out for much longer. Armstrong said the decision to lay off the staff is to cut costs and drive increased efficiency across the board. “As we operate in this highly uncertain period in the world, we want to ensure we can successfully navigate a prolonged downturn,” Armstrong said in the note shared with all of the companys staff. “For the past few months, adding new employees has made us less efficient, not more. We have seen ourselves slow down considerably due to coordination headwinds, and difficulty fully integrating new team members. We believe the targeted resourcing changes we are making today will allow our organization to become more efficient.” Coinbase Woes is Encompassing Coinbase stock is currently trading at $51.86, down from