Coinbase Fires 20% Of Workforce; CEO Warns Of “Dark Times” In Crypto | ZeroHedge..

Coinbase is reducing its workforce again amid a collapse in its stock price, turmoil in crypto land, and broader macroeconomic headwinds.

The cryptocurrency exchange will cut approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than one year. Coinbase had 4,700 employees at the end of September and had already slashed its headcount by 18% in June last year.

“Therefore, I’ve made the difficult decision to reduce our operating expense(1) by about 25% Q/Q, which includes letting go of about 950 people(2). All impacted team members will be informed by today,” CEO Brian Armstrong wrote in a letter to employees.

Armstrong explained the company will be “shutting down several projects where we have a lower probability of success.” He said those teams have already had their access to internal systems stripped and will be contacted by the company today.

Affected team members will receive an email to their personal account in the next hour with more information, and an invitation to meet with an HRBP and senior leader. Coinbase system access has already been removed. I realize this last step feels sudden and harsh, but I believe it’s the only prudent choice given our responsibility to protect customer information.

He added that the firings weren’t due to job performance but based on economic turmoil in the broader economy and the crypto space.

To those of you who will be leaving, please know that this is not a reflection of your work or contributions to Coinbase. I believe we have an incredible team, and all of you have been important members of that. Instead, it’s a reflection of the current economic climate and crypto market.

He continued:

Progress doesn’t always happen in a straight line, and sometimes it can feel like we’re taking two steps forward and one step back. But just like we saw with the internet, the most important companies not only survive but thrive during down markets by being rigorous with cost management, and continuing to build innovative products.

Armstrong considers the current environment “dark times.” He warned last June:

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.

Coinbase shares in premarket trading are down nearly 3%. Since the IPO in the spring of 2021, shares have plunged 89%.

The Tribulation is commencing..

Please repent, carry your cross daily and accept the free gift of Jesus Christ’s Death on the Cross for payment for your sins.

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