‘In 2022, the crypto market trended downwards along with the broader macroeconomy,’ CEO says
Coinbase announced Tuesday that it will cut its workforce by 20% and reduce expenses by 25% amid turmoil in the market.
The US-based cryptocurrency exchange platform said it will let go 950 workers out of approximately 4,700 employees.
Coinbase, the world’s second-biggest cryptocurrency trade platform by daily volume, had reduced its workforce by 18% in June in an attempt to manage costs.
“In 2022, the crypto market trended downwards along with the broader macroeconomy. We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion,” said CEO and co-founder Brian Armstrong.
He added: “Dark times also weed out bad companies,”referring to disgraced former CEO of FTX, Sam Bankman-Fried, who pleaded not guilty last week to criminal charges amid his company’s sudden implosion.
“Despite everything we’ve been through as a company and an industry, I’m still optimistic about our future and the future of crypto. Progress doesn’t always happen in a straight line, and sometimes it can feel like we’re taking two steps forward and one step back,” said Armstrong.