Business Maverick: Coinbase Eliminates 20% of Staff in Latest Round of Layoffs

another 60 positions in November. It will now shut down several projects.“This is the first time we’ve seen a crypto cycle coincide with a broader economic downturn,” Armstrong wrote in the blog. “We also reduced headcount last year as the market started to correct, and in hindsight, we could have cut further at that time.”

“Coinbase is doing another round of cut because trading volume remains very weak, especially after the FTX fallout,” said Owen Lau, analyst at Oppenheimer. While rising rate helps its interest income, the company is trying to maintain a certain loss guardrail so that it can survive through this period and emerge stronger on the other side, he said.

Genesis, the troubled crypto brokerage under Barry Silbert’s Digital Currency Group, also made another round of job cuts this month, cutting about 30% of workforce. Crypto exchange Huobi is cutting 20% of jobs, while Silvergate Capital Corp., a crypto-friendly bank, laid off 40% of its staff.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

JSE fines Markus Jooste R15m and bars him for 20 years | BusinessThe JSE has levied two R7.5 million fines against former Steinhoff CEO Markus Jooste as well as barring him from serving as a director for two decades, due to failures at the helm that prompted SA's biggest-ever accounting scandal. | News24_Business _diatile _Business Lmfao really _Business Jail? _Business JSE_Group bunch of 🤡
Source: News24 - 🏆 4. / 80 Read more »

Business Maverick: Markus Jooste fined R15m, banned from directorships at listed companies for 20 yearsThe JSE has finally taken action against the disgraced former Steinhoff CEO. There must be a story behind what took so long When is he going to prison? What is R15m to him? Come on JSE, stand up and be counted, for once. Biggest fraud ever in the country, and this is what you fine him? How much did he cost the country and its reputation
Source: dailymaverick - 🏆 3. / 84 Read more »

Brace for a bumpier 2023: Experts predict a tougher year and global recession | BusinessCrystal balls can be risky. In 2019, everyone was anticipating a 'twenty-plenty', and after the Covid-19 pandemic ravaged the world, many economists, fortune tellers, and probably even sangomas predicted a better 2021. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »