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.
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