In an effort to reduce operational expenditures by around 25% quarter over quarter, Brian Armstrong, the CEO of cryptocurrency giant Coinbase, said that the business is letting go of 950 employees.
“We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion,” Armstrong said in a note to employees, but adding that “Coinbase is well capitalized, and crypto isn’t going anywhere.”
The decision was made at a challenging moment for the cryptocurrency sector, which is still suffering from FTX, one of Coinbase’s rival exchanges, going down.
Additionally, Armstrong stated that although some of Coinbase’s initiatives would continue to operate normally, some with “a lesser likelihood of success” will be discontinued.
Additionally, according to Bloomberg, Coinbase’s Japan division has seen the most recent layoffs. In order to define a schedule for the layoffs and to better assist people affected, the business is presently collaborating with Japanese regulators, a spokeswoman of the exchange told Bloomberg.
The business declared in October 2022 that the Monetary Authority of Singapore has given its Singapore branch preliminary authorisation to offer services including digital payment tokens to Southeast Asian countries.
