The Limited Times

Now you can see non-English news...

Cryptocurrency exchange Coinbase cuts 20% of its workforce

2023-01-10T13:37:57.946Z


In question, the bear market for cryptocurrencies in 2022 and the rout of “unscrupulous actors”, according to the boss of the platform.


The Coinbase cryptocurrency exchange platform announced on Tuesday that it was parting ways with 950 employees, or just over 20% of its workforce, citing the fall in virtual currencies and the impact of the rout of “

unscrupulous actors

”.

The group indicates on its website that it has more than 4,700 employees worldwide.

In 2022, the cryptocurrency market trended downward, as did the macro economy in general

,” Coinbase CEO Brian Armstrong said in a message to employees.

We have also suffered the fallout [from the activities, nldr] of unscrupulous players in the sector, and the contagion could continue

,” added Brian Armstrong, referring to the spectacular bankruptcy of the cryptocurrency exchange FTX, which filed the balance sheet in November.

Its co-founder and former boss, Sam Bankman-Fried, is being prosecuted by American justice, in particular for fraud and criminal association.

Read alsoFriends, lovers and colleagues: the secrets of the quartet that orchestrated the rise and lightning failure of FTX

Coinbase had cut 18% of its workforce last June, already suffering the jolts of the cryptocurrency market at the time.

This new social plan, which must be completed by the second quarter, will cost between 149 and 163 million dollars to the company, according to estimates provided in a document sent to the American stock market policeman, the SEC.

Coinbase expects a roughly 25% reduction in operating expenses in the first quarter of 2023 compared to the previous quarter.

Nasdaq-listed Coinbase stock fell 2.7% in electronic trading ahead of the opening of Wall Street.

The dismissed employees will receive financial compensation.

Those stationed in the United States will receive at least 14 weeks of their salary, health coverage and other salary benefits.

Other cryptocurrency exchanges, including Kraken and Gemini, have announced layoffs in recent weeks.

More broadly, many American technology groups have recently announced staff reductions, including the IT group Salesforce, Meta (Facebook, Instagram, WhatsApp), Amazon and Twitter.

Source: lefigaro

All news articles on 2023-01-10

You may like

Trends 24h

News/Politics 2024-03-28T06:04:53.137Z

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.