Coinbase, the cryptocurrency exchange that spent millions of dollars on Super Bowl ads just months ago, is now laying off thousands of employees as cryptocurrency prices crash yet again. Coinbase isn’t alone in this reversal of fortune — Crypto.com is laying off staff just months after its widely mocked Super Bowl ad starring Matt Damon.
Futurism reports that Coinbase is laying off close to a fifth of its entire workforce following a collapse in stock and crypto prices. The exchange plans to cut 18 percent of its full-time positions, according to an email sent to employees. The company has around 5,000 full-time workers, which will be reduced by approximately 1,100 following the layoffs. Crypto.com, another Super Bowl advertiser, is reportedly laying off five percent of its