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Coinbase lays off 20% of its staff

The largest crypto exchange in the U.S. must cut more jobs.

By Finst News
• 3 min read
Coinbase lays off 20% of its staff

The largest crypto exchange in the U.S. has to cut more jobs. Up to 950 employees will be laid off.

The ongoing crypto winter is driving Coinbase to cut more staff. This is outlined in a press release issued by the U.S. company. As a result, 950 workers, 20 percent of the workforce, will receive their layoff notices yesterday, according to CEO Brian Armstrong. The company’s website shows Coinbase currently has about 4,700 employees in total.

Coinbase grew too fast

This isn’t Coinbase’s first round of layoffs. In June last year 1,100 employees had to leave. More jobs were cut in November as well. Armstrong said at the time that the company had grown too quickly. In this latest move, the company is once again responding to the "ongoing market conditions that affect the crypto economy," the company said. According to the press release, Armstrong’s decision was "difficult".

Optimism persists

Despite everything, the CEO remains "optimistic" about the future of cryptocurrencies. There are "brighter days" ahead for the sector, and the company is ready, Armstrong said. In the interview, Coinbase Germany CEO Sascha Rangoonwala spoke about his work at the company, awkward headlines, and the state of the business today.

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