Coinbase Lays Off <br />18 Percent of Workforce , as 'Crypto Winter' Looms.<br />Coinbase Lays Off <br />18 Percent of Workforce , as 'Crypto Winter' Looms.<br />The announcement that the company will lay off nearly a fifth of its employees was revealed via an email sent out by CEO Brian Armstrong.<br />It comes amid a recent plunge in its stock prices and a significant decline in the value of crypto.<br />The layoffs equate to 1,100 people of the 5,000 that currently work for Coinbase.<br />We appear to be entering a recession after a 10+ year economic boom. , Brian Armstrong, Coinbase CEO, via CNBC.<br />A recession could lead to another crypto winter, and could last for an extended period. , Brian Armstrong, Coinbase CEO, via CNBC.<br />While it’s hard to predict the economy or the markets, , Brian Armstrong, Coinbase CEO, via CNBC.<br />... we always plan for the worst so we can operate the business through any environment, Brian Armstrong, Coinbase CEO, via CNBC.<br />Armstrong also stated that the company has grown "too quickly" during the recent bull market.<br />Our employee costs are too high to effectively manage this uncertain market, Brian Armstrong, Coinbase CEO, via CNBC.<br />While we tried our best to get this just right, in this case it is now clear to me that we over-hired, Brian Armstrong, Coinbase CEO, via CNBC.<br />Coinbase shares are down 85 percent from their highest value.<br />The COO of Coinbase, Emilie Choi, stated that it is a "very difficult decision for Coinbase.".<br />However, she stated that it <br />"felt like the most prudent thing to do right now" <br />due to economic instability.<br />We will power through any macro environment, any crypto winter [...] The reality though, is that we have to adjust when we feel that there’s a very dynamic economic environment in play, Emilie Choi, Coinbase COO, via CNBC
