Citing foreign sources, Coinbase founder and CEO Brian Armstrong announced plans to cut 18% of its workforce due to fears of a recession and warnings of a "virtual currency winter."
Earlier, Coinbase sent a letter to all employees announcing that the company is planning to lay off 18% of its full-time employees, which will affect about 880 people.
CEO Armstrong mentioned in the letter that "after more than a decade of good economic prosperity, it seems that it is about to enter a recession." "The economic recession will probably bring another virtual currency winter, and it may last for a long time."
"I hope that no matter what the environment is, we can continue to operate." The cost is too high, and the company plans for the worst, so the idea of layoffs is proposed.
Coinbase has been listed since April last year, with a market reference price of $250 and a stock price of up to $369.9, with a current market value of $11.5 billion. On the day Coinbase announced the layoffs, it fell as low as $48.81 to $50.14, down 3.6%.
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