Coinbase puts 60 people in the middle of an intense crypto winter (Report)

The US-based cryptocurrency exchange Coinbase has reportedly slashed its team by 60 people in the wake of the FTX saga and a back-to-back market downturn.

Chief Financial Officer Alicia Haas said the company may lay off more people if concerns deepen in the future.

  • According to the latest coverage, one of the largest crypto platforms – Coinbase – has laid off 60 of its employees as a result of the current crisis in the digital asset sector.
  • CFO Alicia Haas described the changes as “surgical” measures aimed at cutting costs during tough times.

“If we see that there will be a further decline in revenue, and if we believe that this will have an impact beyond the scenarios we have already planned, then we need to take further cost-saving measures,” she added.

  • Coinbase launched its layoffs spree in June when it reduced its total workforce by 18%. CEO Brian Armstrong has suggested that the economy appears to be headed into a recession after more than a decade of financial boom, which is why the company is realigning its spending.
  • Several other exchanges have taken such steps in recent months, including CryptoCom, Gemini, Bybit, Huobi, and more.
  • The crypto winter, which runs until 2022, appears to have loosened its grip last week when bitcoin was trading at around $21,500, while the market capitalization was over $1 billion.
  • However, the collapse of FTX this week has evaporated hopes that the start of a new uptrend is approaching. The cryptocurrency market cap has fallen below $850 billion at one point, with bitcoin dropping to a two-year low of around $15,500.

Coinbase Post Lays Off 60 People Amidst the Intense Crypto Winter (Report) first appeared on CryptoPotato.

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