Coinbase to lay off 1,100 employees

Source: Business Insider

“Coinbase, one of the world’s largest cryptocurrency exchanges, announced in a regulatory filing on Tuesday that it plans to lay off about 1,100 employees or about 18% of its total workforce. The cryptocurrency platform said its workforce will be reduced to about 5,000 workers by the end of the second quarter of 2022. Earlier this month, the company began rescinding job offers via a mass email to employment candidates. The news comes nearly a month after the cryptocurrency market began to plummet. Bitcoin has slid for nearly 12 straight weeks, dropping from highs near $50,000 to as low as $22,002 as of Tuesday morning.” (06/14/22)