Coinbase, one of the world’s largest cryptocurrency exchanges, announced in a regulatory filing that it plans to lay off about 1,100, or about 18% of its total workforce, as the cryptocurrency platform said its workforce will drop to about 5,000 workers at the end of the second quarter of 2022. and, earlier this month, rolled out work on a collective electronic working group for hiring candidates.
As mentioned by “business insider”, the news comes nearly a month after the cryptocurrency market began to crash.
Bitcoin has fallen for nearly 12 consecutive weeks, rising from levels near 50K to $22,002 as of Tuesday morning.
The crash caused the encrypted to descend.
Coinbase stock traded 5% in pre-market trading after news of more layoffs, and the company is one of the projects to have begun a series of sweeping unit cuts in the US as CEOs and economists warn of an impending recession amid rising inflation.
Coinbase CEO Brian Armstrong said the decision was made as a result of an imminent Bitcoin trading relationship that has led to a new crash in cryptocurrency.
Armstrong said he has notified employees via an email from Human Resources and that laid-off workers will receive at least 14 weeks of compensation.
He said that the company has hired more than the beginning of 2021
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