Coinbase, the US largest cryptocurrency exchange has announced the layoff of 950 employees or 30% of its current workforce as a measure to tighten its belt amid the ongoing market condition.
The move was announced in a Tuesday blog post by Armstrong’s Coinbase, the Exchange currently has about 4,700 staff after the last layoff that saw about 18% of Coinbase fired in June.
“I’ve made the difficult decision to reduce our operating expense by about 25% Q/Q, which includes letting go of about 950 people. All impacted team members will be informed by today,” CEO Brian Armstrong wrote in a Tuesday blog post.
In the post, Armstrong said the crypto market “saw the fallout from unscrupulous actors in the industry, and there could still be further contagion,” which shows the need for Coinbase to prevent cash while being “well capitalized”. Armstrong who had earlier called for proper crypto regulation following the collapse of FTX still expects more regulatory clarity of cryptocurrency, however, he affirmed his belief that the crypto exchanges’ downfalls will be of great benefit to Coinbase.
“But it will take time for these changes to come to fruition and we need to make sure we have the appropriate operational efficiency to weather downturns in the crypto market, and capture opportunities that may emerge,” added Brian Armstrong.
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Coinbase Adjusting to Market Condition
As crypto winter continues to look like it’s not ending soon, to adjust to the market condition and prevent insolvency issues, Coinbase has been making moves to tighten its belts.
One of the instances is the June staff layoff by Coinbase, that’s nearly 1,100 workforces, a move explained by Coinbase CEO that it’s due to the exchange hiring more than it could bear.
Coinbase is the US largest crypto exchange and also the second-largest crypto exchange globally, as per the latest data by Coingecko, the move to lay off staff is to maintain its position and integrity while running its business.
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