Coinbase Lays Off 18% of its Staff Amidst Economic Downturn

June 15, 2022

Reading Time: 3 minutes

Following Coinbase’s Brian Armstrong’s consultation with the company’s executives and the board regarding the recent market events, and also to stay healthy amidst crypto winter, Coinbase has, however, reached a difficult conclusion by laying off part of its staff.

In the blog post by Armstrong, he stated that “We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter and could last for an extended period.”

He furthered that the exchange’s trading revenue has significantly reduced during the course of the year, adding that Coinbase has survived four major crypto winters since its establishment, and getting along with its recent number of employees would be difficult.

According to the announcement, Armstrong stated that the company’s senior leaders have “worked diligently to identify the appropriate changes” for each of their team members and a priority has been set. Therefore, in the next hour, every employee will receive an email for notification on if they are affected by this layoff or not.

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Out of Coinbase’s concern for the well-being of the layout staff, the company has put some arrangements in place for them till they secure a new job; employees who are departing will receive;

  • Minimum of 14 weeks of severance plus an additional 2 weeks for every year of employment beyond 1 year.
  • 4 months of COBRA health insurance in the US, and 4 months of mental health support globally.
  • Access to Talent Hub, where members of Coinbase’s team will work to connect with you with open positions at other firms (including portfolio companies from Coinbase Ventures and other top crypto VC funds).

Amidst the recent market condition, more crypto companies are increasingly laying off their staff, crypto.com for instance, announced that the Singapore-based crypto company would lay off 5% of its staff.

BlockFi’s CEO Zac Prince, also took to Twitter, stating that the company would be reducing its employees by 20%. 

Amidst this common trend amongst crypto companies, Binance is incredibly an exception. The CEO of the world’s largest cryptocurrency exchange by trading volume, Changpeng Zhao, said the company has a lot of vacant positions and it is still hiring.

“We have a very healthy war chest; we in fact are expanding hiring right now,” Zhao said. “If we are in a crypto winter, we will leverage that, we will use that to the max,” he said, adding that the company is “kicking into high gear in terms of M&A activity.”

Contrary to other crypto companies, Binance largely avoided spending big on promotional costs like Super Bowl ads or naming rights to sports arenas, which has helped its ability to grow despite rocky market conditions, said Zhao.

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