Coinbase, which went public at a much-publicized IPO last year, announced its dismissal plans in a blog post by the company’s chairman, Brian Armstrong, who said that after increasing its staff by more than 300 percent from at the beginning of 2021, “it is now clear to me that we have overtaken”. “It looks like we’re in a recession,” Armstrong said. “A recession could lead to another winter of encryption and could last for a long time.” The 18 percent cut in Coinbase staff resulted in about 1,100 people losing their jobs. The layoffs add to the 20 percent cut announced by BlockFi and 5 percent to Crypto.com announced Monday, when prices for cryptocurrencies such as Bitcoin fell to their lowest level since 2020. The cryptocurrency sell-off continued on Tuesday, as the price of Bitcoin fell slightly below US $ 21,000. The value of the largest cryptocurrency in the world fell by 20 percent in the last three days and fell by about two-thirds after reaching an all-time high of nearly 70,000 US dollars last November. Armstrong said that any employee who loses his job will be notified in his personal emails “because we decided to cut off access to Coinbase systems for affected employees”. “Coinbase employees are some of the most talented in the world and I’m sure the skills you all have will continue to be sought after by companies around the world,” said Armstrong, who has a net worth of $ 2.1 billion. to a large extent regarding his ownership share in the company. Coinbase says the layoffs will cost the company about $ 45 million.
