Cryptocurrency exchange Coinbase is now the latest tech company that has announced mass layoffs. Bren Armstrong, CEO of the company, sent an email to employees Tuesday announcing that the company would let 950 employees go to try to “overcome” the downturn in cryptocurrency markets. was emailed It was announced on the Coinbase blogAccording to the company 8-K file with news.
“The collapse of FTX and the resulting contagion created a black eye for the industry”
Armstrong wrote that “while it is always difficult to part with our coworkers,” but that there was no way to reduce expenses sufficiently without considering personnel changes. Employees in the United States will be paid a minimum of 14 week’s base salary and two additional weeks each year for their work with the company. Employees affected will receive an email immediately.
“The collapse of FTX and the resulting infection created a black eye for the industry,” Armstrong said Tell CNBCThey suggested that there might be more pain to come. “We may not have seen the last of them — there will be increased scrutiny of many companies in the space to make sure they are following the rules… That’s a good thing in the long run. But in the short term, there are still a lot of market concerns.”
Coinbase’s layoffs are occurring amid a wider downturn in cryptocurrency markets. Bitcoin’s price has dropped by around 58 percent in the last year, according to Bitcoin. CNBC. Coinbase shares have moved in a similar way since their April 2021 IPO. Its stock now trades at just $40, a drop from its peak of more than $340 in 2021.
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