Coinbase to Slash , 20% of Its Workforce.<br />CNBC reports that according to a <br />blog post published on Jan. 10, the <br />crypto exchange will cut 950 jobs.<br />CNBC reports that according to a <br />blog post published on Jan. 10, the <br />crypto exchange will cut 950 jobs.<br />The layoffs follow a separate 18% reduction <br />in staff that took place in June.<br />The company says it grew "too quickly" <br />amid a bull market.<br />With perfect hindsight, looking back, we should have done more, Brian Armstrong, Coinbase CEO, via blog post.<br />The best you can do is react quickly once information becomes available, and that’s what we’re doing in this case, Brian Armstrong, Coinbase CEO, via blog post.<br />... it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario, Brian Armstrong, Coinbase CEO, via blog post.<br />They layoffs will reportedly decrease Coinbase's operating expenses by 25% by the end of Q1 2023.<br />They layoffs will reportedly decrease Coinbase's operating expenses by 25% by the end of Q1 2023.<br />A handful of projects with a "lower probability of success" will also be scrapped.<br />Coinbase CEO Brian Armstrong pointed to the current volatility of the cryptocurrency market and referenced issues caused by the collapse of FTX.<br />Coinbase CEO Brian Armstrong pointed to the current volatility of the cryptocurrency market and referenced issues caused by the collapse of FTX.<br />The FTX collapse and the resulting contagion has created a black eye for the industry, Brian Armstrong, Coinbase CEO, via blog post
