Coinbase to Lay Off About 1,100 Employees

On June 14th, local time, a company document of Coinbase Global showed that in order to reduce operational costs, there are about 1,100 employees will be laid off, which is expected to be carried out by the end of the second quarter this year.

The company stated that it has about 5,000 employees since June 10th till the end of the quarter. Coinbase had only 1,250 employees at the beginning of 2021. Senior executives expressed that the company had been growing exceedingly aggressive, and trading volume was extremely slashed by the recent ups and downs in the digital currency market, leading to the company’s share price dropping by nearly 80 percent.

Recently most cryptocurrency companies have been announcing to lay off employees, and Coinbase is just one of them. On June 13th, lending platform BlockFi reduced its number of employees by 20 percent, and laid off over 400 positions. Prior to that, the exchange and escrow company led by Winklevoss announced that it would decrease its staff by 10 percent, and Rain, a Middle East crypto exchange, said it was laying off dozens of positions.

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