Coinbase lays off about 950 people

Coinbase is cutting operating expenses by 25% every quarter, including laying off about 950 people, CEO and co-founder Brian Armstrong said.

In 2022, the cryptocurrency market has been on a downward trend along with the broader macro economy, exacerbated by the exposure of unscrupulous players in the industry, Armstrong wrote in a note to employees.

“Coinbase is well capitalized and crypto isn’t going anywhere. In fact, I believe that recent events will ultimately benefit Coinbase a lot (fall of a major competitor, regulatory clarity, etc.) and they confirm our long-term strategy But it will take time for these changes to take effect, and we need to make sure we have the appropriate operational efficiencies to weather downturns in the cryptocurrency market and seize the opportunities that may come,” Armstrong explained.