Coinbase, America’s cryptocurrency exchange, cut its workforce by 18% in preparation for a recession that could lead to another crypto winter.
A crypto future it is a period of downward spiral in cryptocurrency prices.
Brain Armstrong, Chief Executive Officer and Co-Founder of Coinbase, made the decision on Tuesday message published on the exchange’s blog.
“Today, I made the difficult decision to reduce our team size by about 18%, to ensure that we stay healthy during this economic crisis,” Armstrong said in the statement.
Coinbase’s action comes two weeks after Gemini, a rival cryptocurrency exchange, as well reduce staff 10%mentions the “current macroeconomic and geopolitical turmoil.”
‘Economic Conditions Change Rapidly’
In his claim, Armstrong explains that my economic situation is changing rapidly and the recession could lead to another crypto future that could last for a long time.
The CEO noted that trading revenue, the largest source of revenue on the exchange, fell significantly over the past crypto period.
“While it is difficult to predict the economy or the market, we always plan the worst in order to be able to operate our business through any environment,” he said.
Speaking further, Coinbase Co-Founder noted that ijol-ijolan “Increasing very fast,” and “over-hiring” while trying to take advantage of the explosion in adoption of crypto products.
Armstrong said that managing exchange rates is, therefore, critical in a down market.
“Coinbase has survived through four major crypto seasons, and we’ve made it a long-term success by carefully managing our spending through each downtime,” the CEO said.
“Market down is a challenge to navigate and requires a different mindset,” he said.
‘Higher Employee Costs’
Explaining how the job cuts decision was made, Armstrong noted that the exchange team has grown four times faster in the past 18 months.
He added that the cost of the company’s employees is too high to manage effectively in “this uncertain market.”
Armstrong further explains, “Over the past few months, adding new employees has made us less efficient, not more.
“We’ve seen a lot of slow because of headwinds coordination, and it’s hard to integrate new team members fully.
“We believe the targeted resource changes now will allow our organization to be more efficient.”
Coinbase, America’s cryptocurrency exchange, cut its workforce by 18% in preparation for a recession that could lead to another crypto winter.
A crypto future it is a period of downward spiral in cryptocurrency prices.
Brain Armstrong, Chief Executive Officer and Co-Founder of Coinbase, made the decision on Tuesday message published on the exchange’s blog.
“Today, I made the difficult decision to reduce our team size by about 18%, to ensure that we stay healthy during this economic crisis,” Armstrong said in the statement.
Coinbase’s action comes two weeks after Gemini, a rival cryptocurrency exchange, as well reduce staff 10%mentions the “current macroeconomic and geopolitical turmoil.”
‘Economic Conditions Change Rapidly’
In his claim, Armstrong explains that my economic situation is changing rapidly and the recession could lead to another crypto future that could last for a long time.
The CEO noted that trading revenue, the largest source of revenue on the exchange, fell significantly over the past crypto period.
“While it is difficult to predict the economy or the market, we always plan the worst in order to be able to operate our business through any environment,” he said.
Speaking further, Coinbase Co-Founder noted that ijol-ijolan “Increasing very fast,” and “over-hiring” while trying to take advantage of the explosion in adoption of crypto products.
Armstrong said that managing exchange rates is, therefore, critical in a down market.
“Coinbase has survived through four major crypto seasons, and we’ve made it a long-term success by carefully managing our spending through each downtime,” the CEO said.
“Market down is a challenge to navigate and requires a different mindset,” he said.
‘Higher Employee Costs’
Explaining how the job cuts decision was made, Armstrong noted that the exchange team has grown four times faster in the past 18 months.
He added that the cost of the company’s employees is too high to manage effectively in “this uncertain market.”
Armstrong further explains, “Over the past few months, adding new employees has made us less efficient, not more.
“We’ve seen a lot of slow because of headwinds coordination, and it’s difficult to integrate new team members fully.
“We believe the targeted resource changes now will allow our organization to be more efficient.”
