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Coinbase to Lay Off 18% of Staff as Cryptocurrencies Continue to Struggle

Cryptocurrency exchange Coinbase Global Inc. stated it is cutting practically a fifth of its personnel due to the fact that the business had actually grown too rapidly and a prospective economic crisis “might result in another crypto winter season.”

The business stated Tuesday it will decrease its labor force by 1,100 staff members, or about 18% of its personnel, as part of its efforts to handle business expenses. In a letter to all workers, Chief Executive Brian Armstrong stated “our worker expenses are too expensive to efficiently handle this unpredictable market.”

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Financial Risk of Bitcoin Crash ‘Extremely Minimal’ Says El Salvador Finance Minister

Financial Risk of Bitcoin Crash ‘Extremely Minimal’ Says El Salvador Finance Minister

Coinbase cuts approximately 1,100 tasks amidst worries of a ‘crypto winter season’

Coinbase cuts approximately 1,100 tasks amidst worries of a ‘crypto winter season’