Coinbase is planning to cut 950 jobs, or 20% of its employees, in the latest story about tech layoffs. The crypto exchange company claimed that it was taking this action to reduce expenses.
It had fired about 1,100 employees in June 2022, which represented 18% of its workforce at the time. In a blog post, coinbase co-founder and chief executive Brian Armstrong further explained:
“As we examined our 2023 scenarios, it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario. While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount.”
The affected employees would have a meeting with the company’s human resource department and senior leader. However, Armstrong stated that they had already revoked their access to Coinbase system, to protect customer info.
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Meanwhile, they would get ‘comprehensive package’ to support them through the period. Those in the US, for example, would get a minimum of 14 weeks base pay (2 additional weeks per year worked), health insurance, and other benefits.
The company is also working on visa support for immigrant workers, although, it does not go into specifics.
In a more cheerful tone, the CEO expresses optimism concerning the future of the company and crypto in general. He said that it would most likely emerge as winners because its strategy is authentic.
“Coinbase is well capitalized, and crypto isn’t going anywhere. In fact, I believe recent events will ultimately end up benefiting Coinbase greatly (a large competitor failing, emerging regulatory clarity, etc.), and they validate our long term strategy,” Armstrong wrote.
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