Coinbase slashes staff by 18% amidst bear market
Coinbase will cut around 1,100 jobs to cut costs amidst the extreme volatility in the crypto market
By Shashank Bhardwaj
Image: Shutterstock
Coinbase, a popular crypto exchange based in the U.S, will cut down its staff by 18 percent, citing unstable market conditions during the bear market. Brian Armstrong, CEO of Coinbase, went on Twitter to express his regrets over the decision to cut down 1,100 jobs from his existing workforce.
Coinbase stated that it would slow down hiring and examine its personnel to guarantee that it could continue to operate as planned. Armstrong stated, "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."

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