Crypto trading platform Coinbase will cut 18 percent of its staff with CEO Brian Armstrong warning of a worldwide recession and the possibility of a “crypto winter.”
CNBC 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 on Tuesday. The company has around 5,000 full-time workers, which will be reduced by approximately 1,100 following the layoffs.
Coinbase CEO Brian Armstrong cited a possible recession as one of the reasons behind the layoffs. Armstrong also noted that the company needs to manage its burn rate and