Top cryptocurrency major exchange COINBASE on Tuesday announced yet another cost cutting measure in the wake of the latest crash. It said it is forced to take the decision to cut Coinbase employee size due the ongoing economic downturn.
This comes after it announced a hiring spree only last month after suffering losses in the first quarter. On May 17, it announced the decision to cut down hiring after losing $420 million in the quarter.
Coinbase To Cut Workforce
Terming it a ‘difficult decision’, Coinbase CEO Brian Armstrong said the exchange is reducing size of its workforce by 18%.
Armstrong cited rapidly changing economic conditions as the reason behind the decision. He warned that recession led crypto winter could last for longer period. He added that it is hard to predict the economy or the markets. Planning for the worst would prepare for operating the business through any environment, he explained.
“We appear to be entering a recession after a 10+ years of economic boom. A recession could lead to another crypto winter, and could last for an extended period.”
