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Coinbase is struggling with the dip, they’re FIRING 1100 people

Coinbase is struggling with the dip, they’re FIRING 1100 people

With the crippling cryptocurrency market right now, Coinbase is struggling. Very bad as the company just announced that they are laying off 18% of their workforce, which is 1100 jobs which will help them navigate through really difficult economic conditions.

According to company Chief Brian Armstrong, the company is facing a crypto winter and this move will be really necessary to keep costs down during this dark period in the crypto world. Armstrong also saw this as a response to excessive optimism about Crypto’s future, and Coinbase felt it had to grow rapidly in 2021 to compete across numerous sectors, taking advantage of the value surged cryptocurrency had, but it’s now apparent that the company overhired while the company over hired while the market was strong.

The layoffs have been harsh as Coinbase caught affected employees’ system access at the same time as the announcement to prevent rash decisions by outgoing staff. The company is still promising the workers at least 14 weeks of severance pay and four months of US health insurance and help finding new work. But this decision comes after a lot of attempts to avoid cutting jobs.

Also, Coin base is not the only company facing the problems with the collapse in the crypto market as Binance is also facing a lawsuit Over the failed Terra USD stable coin while major lender Celsius has frozen withdrawals to help stabilize assets and honor obligations.

Coinbase is struggling with the dip, they’re FIRING 1100 people

Coinbase is struggling with the dip, they’re FIRING 1100 people

With the crippling cryptocurrency market right now, Coinbase is struggling. Very bad as the company just announced that they are laying off 18% of their workforce, which is 1100 jobs which will help them navigate through really difficult economic conditions.

According to company Chief Brian Armstrong, the company is facing a crypto winter and this move will be really necessary to keep costs down during this dark period in the crypto world. Armstrong also saw this as a response to excessive optimism about Crypto’s future, and Coinbase felt it had to grow rapidly in 2021 to compete across numerous sectors, taking advantage of the value surged cryptocurrency had, but it’s now apparent that the company overhired while the company over hired while the market was strong.

The layoffs have been harsh as Coinbase caught affected employees’ system access at the same time as the announcement to prevent rash decisions by outgoing staff. The company is still promising the workers at least 14 weeks of severance pay and four months of US health insurance and help finding new work. But this decision comes after a lot of attempts to avoid cutting jobs.

Also, Coin base is not the only company facing the problems with the collapse in the crypto market as Binance is also facing a lawsuit Over the failed Terra USD stable coin while major lender Celsius has frozen withdrawals to help stabilize assets and honor obligations.