Crypto gloom continues as Coinbase lays off 1,100 people
Posted: Wed Jun 15, 2022 3:07 am
https://www.cbc.ca/news/business/crypto ... -1.6487867
The gloom in cryptocurrencies continued into Tuesday with one of the biggest trading platforms in the sector announcing it will be laying off 18 per cent of its staff.
Coinbase, which went public in a highly touted IPO last year, announced the layoff plans in a blog post authored by the company's president, Brian Armstrong, who said that after boosting its headcount by more than 300 per cent since the start of 2021, "it is now clear to me that we over-hired."
"We appear to be entering a recession," Armstrong said. "A recession could lead to another crypto winter, and could last for an extended period."
The gloom in cryptocurrencies continued into Tuesday with one of the biggest trading platforms in the sector announcing it will be laying off 18 per cent of its staff.
Coinbase, which went public in a highly touted IPO last year, announced the layoff plans in a blog post authored by the company's president, Brian Armstrong, who said that after boosting its headcount by more than 300 per cent since the start of 2021, "it is now clear to me that we over-hired."
"We appear to be entering a recession," Armstrong said. "A recession could lead to another crypto winter, and could last for an extended period."