After hiring freeze, Coinbase lays off 1100 employees
Coinbase, the biggest cryptocurrency exchange in the United States, seems to be in a tough spot as the exchange has laid off nearly 1100 employees, and the situation is not looking good for the firm.
Coinbase laying off employees
Coinbase had recently announced that it would be freezing hiring processes following the onset of a bearish market and macroeconomic conditions. It seems that the crypto exchange is still under a lot of economic stress after it confirmed a loss in the earnings report for the first quarter of 2022.As per the report from Axios, Coinbase confirmed in an announcement on Tuesday morning that the crypto exchange would lay off roughly 18% of its employee, and it seems that a major reason for this decision is a financial recession. A recession is a period wherein the entire economic state of a nation or the world declines, i.e., a period during which trade and industrial activity are reduced.
As per the announcement, Coinbase had introduced a restructuring plan that "involves a reduction of the Company's workforce by approximately 1,100 employees, representing approximately 18% of the Company's global workforce as of June 10, 2022, following which the Company expects to have approximately 5,000 total employees as of the end of its current fiscal quarter on June 30, 2022."
"The Company expects the execution of the Plan to be substantially complete in the second quarter of 2022," the announcement stated.
An industry trend?
It seems that Coinbase is not the only firm that is seeing such a situation. Recently, crypto exchange Gemini also laid off 10% of its workers, and it was estimated that roughly 100 people lost their jobs. Gemini expects that the firm expects the present market circumstances to likely remain as Bitcoin dropped below $27,000 in the past few hours.100% Success Money Back Guarantee
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