'Crypto Winter' Is Coming: Coinbase Lays Off 18% of Workforce, Warns of Recession

'Crypto Winter' Is Coming: Coinbase Lays Off 18% of Workforce, Warns of Recession


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.

(SAUL LOEB/AFP via Getty Images)

(JACK GUEZ/AFP/Getty Images)

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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

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