Coinbase Cuts Nearly 1,100 Jobs In Response to "Crypto Winter"

Currencies across the board continue to plummet.

Tech 
6,819 Hypes 8 Comments

As the cryptocurrency market continues to plummet across the board, exchange platform Coinbase has now downsized by laying off almost 1,100 employees. In a new blog post from the company, Coinbase explains that it’ll be cutting down its workforce by 18% (equating to roughly 1,100 staff) in order to weather the upcoming “crypto winter” due to the impending recession.

The exchange platform acknowledges that its optimism in the crypto industry has led to over-hiring over the past two years, and that the excessive amount of employees right now is significantly increasing expenses for the firm while unable to maintain efficiency. Coinbase started with just 1,250 members back in early 2021 but has now reached 5,000.

“To our colleagues who are departing, I want to say thank you for giving everything to this company, and that I am sorry,” writes company CEO and co-founder Brian Armstrong. “I hope that as we grow again we get a chance to hire you back. We would not be where we are today without your hard work and dedication to our mission. I am incredibly grateful for everything you have done to contribute to our success.”

Those who have been laid off will receive a minimum of 14 weeks of severance pay, four months of health insurance in the U.S. and additional support in finding a new job.

In other related news, Celsius has now paused all cryptocurrency withdrawals.

Read Full Article

What to Read Next

Beta Version of Coinbase’s NFT Marketplace Hits $100K USD in Daily Sales
NFT

Beta Version of Coinbase’s NFT Marketplace Hits $100K USD in Daily Sales

With fewer than 700 users on the closed platform.

Coinbase Surpasses Expectations With $2.5 Billion USD in Revenue for Q4 2021
Tech 

Coinbase Surpasses Expectations With $2.5 Billion USD in Revenue for Q4 2021

Despite a slowing season for cryptocurrencies across the board.

Elon Musk Pauses Twitter Deal and Disney+ Grows Subscribers in This Week’s Business and Crypto Roundup
NFT

Elon Musk Pauses Twitter Deal and Disney+ Grows Subscribers in This Week’s Business and Crypto Roundup

While FIFA and EA ended their decades-long partnership.


Gucci to Accept Crypto in Select U.S. Flagship Stores
Fashion

Gucci to Accept Crypto in Select U.S. Flagship Stores

With an expansion planned for all of its retail stores in North America

Places+Faces Drops Kaytranada Europe Tour Merch
Fashion

Places+Faces Drops Kaytranada Europe Tour Merch

Featuring graphic tees and hoodies.

Reese Cooper Announces Release Date For Upcoming Levi's Collaboration
Fashion

Reese Cooper Announces Release Date For Upcoming Levi's Collaboration

Offering a first look at the denim chore jacket and magazine.

'One Piece' and Tamagotchi Introduce the "Choppertchi"
Gaming

'One Piece' and Tamagotchi Introduce the "Choppertchi"

Depending on how you raise Chopper, he’ll take on different forms.

Here's a Closer Look at the YEEZY Releases Coming to HBX This Week
Footwear

Here's a Closer Look at the YEEZY Releases Coming to HBX This Week

Including the adidas YEEZY BOOST 700 “High-Res Red” and 350 V2 “Bone.”

Future of 'Assassin’s Creed' Franchise To Be Revealed This September
Gaming

Future of 'Assassin’s Creed' Franchise To Be Revealed This September

Ubisoft is gearing up for a special event.


Warner Bros. Shares First Look at Ryan Gosling as Ken in 'Barbie' Film
Entertainment

Warner Bros. Shares First Look at Ryan Gosling as Ken in 'Barbie' Film

Starring opposite Margot Robbie, who plays the titular character.

Take an Official Look at the Off-White™ x Nike Air Force 1 Mid "White"
Footwear

Take an Official Look at the Off-White™ x Nike Air Force 1 Mid "White"

Accompanying the “Black/Clear-Black” colorway.

Here's Why Tim Allen Did Not Voice Buzz in 'Lightyear'
Entertainment

Here's Why Tim Allen Did Not Voice Buzz in 'Lightyear'

Chris Evans was not really a replacement.

Upcoming 'Resident Evil Village' Expansion Allows You to Play as Rose
Gaming

Upcoming 'Resident Evil Village' Expansion Allows You to Play as Rose

Set 16 years after the events of the original game.

BTS Clarifies They Are Not Disbanding Following "Hiatus" Announcement
Music

BTS Clarifies They Are Not Disbanding Following "Hiatus" Announcement

Confirming that they will be “remaining active as a group.”

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.