Coinbase to Lay Off 1000 Employees Amidst Crypto Bear Market
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The financial markets and the economy have been in a constant downtrend for the better part of the last two years. Some of the most important catastrophic events that have triggered the bear market affect are COVID, increasing fuel prices, and the ongoing war in Ukraine.
To this end, the cascading event has also hit the stock market, and the crypto market performance for the last year has also been discouraging for many investors.
The listed cryptocurrency exchange called Coinbase has been dealing with its fair share of setbacks, such as plummeting stock prices. Recently, Coinbase management has decided to lay off around 1000 employees, a trend that is visible among all major tech companies in the world. Talking about the matter, Coinbase CEO Brian Armstrong has posted in a new blog post.
Coinbase CEO Brian Armstrong exclaims in his latest blog post that the US crypto exchange has decided to let go of around 950 employees. He told the readers that the company had taken the drastic step to cut down the overall expenses. He also assured his readers that Coinbase is sufficiently liquid and financially stable.
He also claimed that the current situation of the crypto market is going to benefit Coinbase in the long run. He was alluding to the increasing fear among cryptocurrency investors towards centralized exchanges on account of the FTX debacle.
However, he maintained that the cryptocurrency exchange needs considerable time to incorporate the necessary changes to retain the quality of its services and ensure efficiency.
Coinbase CEO is Positive about the Future of the Crypto Market
In this latest blog publication, Coinbase’s CEO claimed that the company had been struggling with cutting down its operating costs. Therefore, the management eventually decided to relieve around 950 employees to save 25% on salaries and other expenses in comparison to last quarter.
He assured the readers that the cryptocurrency market is going to emerge more stable and stronger after the completion of the current bear cycle.
He said that during these troubled times, the unstable and bad companies had been weeded out. He noted that progress is not always a linear process, and sometimes it is necessary to face setbacks in-between to keep moving forward.
He also declared that the cryptocurrency devs and service providers are working on creating new and more resilient products to pave the way for better days ahead.
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