{"id":12728,"date":"2022-06-14T18:21:00","date_gmt":"2022-06-14T18:21:00","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/coinbase-reduces-the-size-of-the-firms-workforce-by-18-bitcoin-news\/"},"modified":"2022-06-14T18:21:00","modified_gmt":"2022-06-14T18:21:00","slug":"coinbase-reduces-the-size-of-the-firms-workforce-by-18-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinbase-reduces-the-size-of-the-firms-workforce-by-18-bitcoin-news\/","title":{"rendered":"Coinbase Reduces the Size of the Firm’s Workforce by 18% \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Amid the crypto market carnage, the digital currency exchange Coinbase revealed it has decided to lay off 18% of its workforce. The announcement follows the company\u2019s original plans to slow the hiring process and the firm rescinding a number of employment offers.<\/strong><\/p>\n

Coinbase \u2018Grew Too Quickly,\u2019 Crypto Exchange CEO Says<\/h2>\n

On June 14, Coinbase published a blog post written by the company\u2019s CEO Brian Armstrong. The letter from Armstrong was announced in a Tweet that said: Coinbase CEO Brian Armstrong announced today the difficult decision to reduce the size of the Coinbase team by 18%. More details and rationale in Brian\u2019s email to employees, which has been made public for all to see,\u201d the company added.<\/p>\n

Armstrong\u2019s letter explains the decision was made so Coinbase can remain healthy. \u201cToday I am making the difficult decision to reduce the size of our team by about 18%, to ensure we stay healthy during this economic downturn,\u201d Armstrong wrote. \u201cI want to walk you through why I am making this decision below, but first I want to start by taking accountability for how we got here. I am the CEO, and the buck stops with me.\u201d<\/p>\n

Armstrong further noted that \u201ceconomic conditions are changing rapidly,\u201d and that \u201cmanaging our costs is critical in down markets.\u201d He also said Coinbase \u201cgrew too quickly.\u201d All employees would receive a letter from the Human Resources (HR) department, Armstrong detailed. The letter, Armstrong said, will inform you if you \u201care affected or unaffected by this layoff.\u201d Employees let go will get a minimum of 14 weeks of severance pay, four months of COBRA health insurance, and access to Talent Hub.<\/p>\n

Coinbase Joins Layoff Trend, COIN Shares Down 85%<\/h2>\n

Coinbase laying off 18% follows a slew of crypto companies that are letting employees go. Bitcoin.com News reported<\/a> on Blockfi cutting staff by 20% on Monday, and Crypto.com\u2019s CEO said<\/a> the exchange had to lay off 260 employees. \u201cOur approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so,\u201d Crypto.com\u2019s CEO Kris Marszalek remarked. Marszalek added:<\/p>\n

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That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce.<\/p>\n<\/blockquote>\n

A number of other crypto-focused companies<\/a> such as Buenbit, Bitso, Rain Financial, 2TM, and Gemini have cut staff as well. The Coinbase layoffs also coincide with the company\u2019s stock dropping significantly in value. After initially trading for $342 per share, COIN is down 85.54% and trading for $49.35 on Tuesday morning (ET).<\/p>\n

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18% cut<\/a>, Brian Armstrong<\/a>, COIN<\/a>, COIN shares<\/a>, Coinbase<\/a>, Coinbase CEO<\/a>, Coinbase employees<\/a>, Coinbase lay off<\/a>, company\u2019s CEO<\/a>, economic conditions<\/a>, layoffs<\/a>, Letter to Employees<\/a>, staff<\/a>, workforce<\/a><\/div>\n<\/div>\n

What do you think about Coinbase cutting staff by 18% on Tuesday? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Photo editorial credit: 24K-Production \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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