Fires 20% of its Workforce Fires 20% of its Workforce 

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Since the inception of the crypto bear market, crypto firms have been navigating their ways to adapt to market conditions, like Armstrong’s Coinbase, has announced staff layoff for the second time.

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The Singapore-based crypto firm has announced another major layoff of its workforce as per Friday’s announcement. The first layoff since the current crypto winter started was in mid-2022 which led to roughly 250 staff losing their jobs.

“Several factors played into our decision to reduce headcount. While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we’ve had to navigate ongoing economic headwinds and unforeseeable industry events,” a statement from the blog post read.

According to the post, the exchange “grew ambitiously” at the beginning of last year, but the crypto crash which later surfaced changed the momentum, leading to staff layoff in July last year.

“The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry,” the post read.

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