Brian Armstrong, CEO of American exchange platform, Coinbase, is laying off 18% of the current team, as a means of ensuring checks and balances through the recession period. This is according to a statement in the platform’s official blog.
Coinbase’s Rapid Growth Resulted In More Inefficiency
Armstrong’s seemingly harsh decision is a means of preventing the company’s collapse in the face of the ongoing market recess. While he is optimistic about the future of the market, he is fully aware of the market’s unpredictable nature and planning for the worst.
Coinbase has developed a thick skin in the market, after successfully navigating through four crypto winters, and the latest decision is another step towards survival. The platform’s rapid growth meant there were more people than required, hence, the decision to cut off some people.
For the sake of efficiency and effective cost management, an 18% lay off of the team is in place with affected members, adequately planned for. The CEO made sure to be held accountable for the recent twist in his growth plan for the company.
Reacting to the news, Ran Neuner, a key crypto proponent took to Twitter to relay his thoughts. He feels a layoff could work out well in limiting government’s ability to increase rates due to the high rate of unemployment.
