The crash of FTX and the successive collapse of the crypto market resulted in additional layoffs from Coinbase.
The US-based crypto exchange Coinbase – reportedly reduced its team to 60 people following the FTX story and the consecutive market plunge.
Chief Financial Officer Alesia Haas said the company is likely to lay off more people if the turmoil deepens in the future.
- According to recent reports, one of the largest crypto platforms – Coinbase – has laid off 60 of its employees due to the current crisis in the digital asset sector.
- Chief Financial Officer Alesia Haas described the amendments as “surgical” actions aimed at reducing costs during difficult times.
- “If we see that revenue will continue to decline and if we believe this will affect the scenarios we have planned, we will have to take further cost-effective action. ,” She added.
- Coinbase made the decision to lay off in June when it reduced its total number of employees by 18%. CEO Brian Armstrong thinks the economy appears to be entering a recession after more than a decade of financial booms, which is why the company has had to reorganize its expenses.
- Several other exchanges have taken such measures in the past few months, including CryptoCom, Gemini, Bybit, Huobi, and more.
Crypto winter, which reigned for the greater part of 2022, appeared to have loosened its grip last week as bitcoin traded at around $21,500, while the market cap was above $1 billion. la.
- However, the crash of FTX this week has dashed hopes that the start of a new bull cycle is near. The crypto market capitalization has dipped below $850 billion at some point, with bitcoin falling to a two-year low of around $15,500.