As part of the second wave of business optimization, the American crypto company Coinbase plans to reduce the number of employees by another 20%.
Last November, Coinbase laid off 60 workers amid the FTX bankruptcy.
The company links the decision to cut staff with a strong drop in income. Moreover, even then the management did not rule out that, if necessary, a decision would be made on new layoffs.
Coinbase CEO Brian Armstrong officially announced yesterday that his team will say goodbye to 950 employees. The crypto company expects to cut costs by about 25%.
In addition, Armstrong confirmed that Coinbase will abandon several projects. The company will spend up to $68 million to pay severance pay to laid-off employees, he said.
By the end of the first quarter of 2023, Coinbase plans to complete the transition to a new and more efficient business model.