Coinbase lays off more than 60 employees…details here
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Answer Coinbase lays off more than 60 employees…details here
Cryptocurrency exchange Coinbase has announced another job cut, laying off more than 60 employees.
The layoff from Coinbase coincided with the dramatic financial crisis of cryptocurrency exchange FTX.
Additionally, this is Coinbase’s second round of job cuts this year, which came about a week after cryptocurrency market headwinds contributed to US-based cryptocurrency exchange Coinbase losing $544.6 million for the three months. ending September 30.
Last year, the company made a profit of $406.1 million.
According to a spokesperson from Coinbase, the company believes the job cuts will help facilitate operations as efficiently as possible.
Coinbase laid off a total of 1,100 jobs, or 18% of its workforce, in June.
Read:Argentine banks are testing a new system based on the blockchain
The move came about a week after the company announced it was extending its hiring freeze and canceling recently accepted offers.
Previously, CEO Brian Armstrong stated that Coinbase had to purge its workforce.
The cryptocurrency industry has suffered this year due to rising interest rates and fears of an economic slowdown.
Several major crypto companies such as Voyager Digital, Three Arrows Capital, and Celsius Network have collapsed.
Cryptocurrency exchange Coinbase appears to be struggling in the bear market that has been going on for the year.
Coinbase’s quarterly revenue decreased by 28%, and trading volumes decreased by 27% during the third quarter of 2022.
While the company’s stock is also down about 80% this year and is down 27.4% this month alone.
Another major Web 3.0 company has laid off a large number of its employees.
Meta, Facebook’s parent company, has confirmed it will cut 11,000 jobs, or 13% of its global workforce, as it seeks to focus on its core business areas.
Read:China reveals its new assessment of blockchain networks amid the Corona crisis
Read also:
Crypto.com is partially disclosing its cryptocurrency reserves to dispel bankruptcy rumors
Hacking FTX and transferring nearly $600 million from FTX wallets
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