In planning for 2023, Coinbase's leadership determined it was necessary"to reduce expenses to increase our chances of doing well in every scenario." Armstrong notes that this is the first time that both the crypto market and the broader economy have simultaneously experienced a downturn, adding that planning has helped Coinbase to survive several bear markets over the last decade.
Due to the layoffs, Coinbase is canceling some projects that had a lower likelihood of success. Other teams will have to adjust for having a smaller headcount. Armstrong said the employees who are being let go will be informed today. Impacted workers in the US will receive a compensation package of at least 14 weeks' base pay with an extra two weeks per year of service, health insurance and other benefits. The company says it will offer"extra transition support" to those on work visas. Coinbase will extend similar support to fired workers in other countries in line with local employment laws and it will help those being laid off to find their next job.
Coinbase has had to contend with other issues in recent times. In July, it was reported that the Securities and Exchange Commission was
Amid $100 million dollar settlement with New York.
crypto market down turn.... you mean people are no longer propping up the pyramid.
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Coinbase shares dip in pre-market following layoff announcementCoinbase shares are lower in pre-market trading following job cuts affecting around 950 staff, or 20% of the exchange's total workforce. bullish
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