{"id":62897,"date":"2022-06-14T17:16:21","date_gmt":"2022-06-14T14:16:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=62897"},"modified":"2025-09-05T20:47:09","modified_gmt":"2025-09-05T17:47:09","slug":"coinbase-to-cut-about-18-of-its-staff","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/coinbase-to-cut-about-18-of-its-staff\/","title":{"rendered":"Coinbase to cut about 18% of its staff"},"content":{"rendered":"<p>The American Bitcoin exchange Coinbase will cut its staff by about 18% as the crypto winter takes hold.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">1\/ Today I shared that I&#8217;ve made the difficult decision to reduce the size of our team at Coinbase by about 18%. The broader market downturn means that we need to be more mindful of costs as we head into a potential recession.<\/p>\n<p>\u2014 Brian Armstrong \u2014 barmstrong.eth (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1536689760147603456?ref_src=twsrc%5Etfw\">June 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Co-founder and CEO Brian Armstrong described it as a &#8216;difficult decision&#8217;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cA broader market downturn means we need to be more mindful of costs as we head toward a potential recession,\u201d he wrote.<\/p>\n<\/blockquote>\n<p>Armstrong noted that over the last 18 months the company&#8217;s headcount had more than quadrupled. Too rapid growth led to coordination and integration problems with new hires, making the operation less efficient.<\/p>\n<p>Affected employees will be notified via direct messages. They will be immediately cut off from access to confidential customer information.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI understand that removing access will be abrupt and unexpected, and this is not the experience I would wish for you. \u2026 Unfortunately, this was the only practical choice ensuring that no one makes a reckless decision that could harm the business or themselves,\u201d Armstrong explained.<\/p>\n<\/blockquote>\n<p>The company will pay severance equal to 14 weeks&#8217; salary, with bonuses for more than a year of service. Coinbase will also pay four months of medical insurance and assist with future employment, including within its venture unit&#8217;s portfolio companies.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">3\/ We&#8217;ve put some key programs in place to try and minimize the impact to our affected employees. Here is a note that I sent to the company earlier today with more information:<a href=\"https:\/\/t.co\/CPPDGBPMr1\">https:\/\/t.co\/CPPDGBPMr1<\/a><\/p>\n<p>\u2014 Brian Armstrong \u2014 barmstrong.eth (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1536689985910284288?ref_src=twsrc%5Etfw\">June 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to <a href=\"https:\/\/www.cnbc.com\/2022\/06\/14\/coinbase-lays-off-18percent-as-execs-prepare-for-recession-crypto-winter.html?__source=sharebar%7Ctwitter&#038;par=sharebar\">CNBC<\/a>, Coinbase employs about 5,000 people full-time. The layoffs will affect roughly 1,100 of them.<\/p>\n<p>Earlier, reports of forthcoming layoffs came from <a href=\"https:\/\/u1f987.com\/en\/news\/gemini-to-cut-staff-by-10-amid-crypto-market-downturn\">Gemini leadership<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-com-chief-announces-layoffs\">Crypto.com CEO Kris Marshalek<\/a>, and also <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-to-lay-off-a-fifth-of-its-workforce\">BlockFi co-founders<\/a> Zac Prince and Flori Marquez.<\/p>\n<p>Binance chief Changpeng Zhao, on the contrary, said that the crypto winter is a <a href=\"https:\/\/u1f987.com\/en\/news\/binance-ceo-crypto-winter-is-an-opportune-time-to-expand-the-workforce\">suitable time to expand the workforce<\/a>.<\/p>\n<p>CEO Ripple Brad Garlinghouse noted that the firm is facing a market downturn with a substantial cash balance, which will allow it to hire new employees.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">4\/ Paying attention \u2014 what\u2019s happening now is not a small market gyration. We\u2019ve been preparing for this w\/ a significant cash balance, and thus can afford to keep hiring the best talent w\/ the goal of 50% outside the US. <a href=\"https:\/\/t.co\/49kPgUxJnR\">https:\/\/t.co\/49kPgUxJnR<\/a><\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1536496432966139904?ref_src=twsrc%5Etfw\">June 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIn the near term the market will most likely shrink. But I and many others are confident that cryptocurrencies will become an integral part of global financial systems in the future. Slow and steady wins the race,\u201d he stressed.<\/p>\n<\/blockquote>\n<p>According to Garlinghouse, Ripple has weathered several bear-market cycles in its history and \u201cwill do this again.\u201d<\/p>\n<p>Coinbase shares fell nearly 6% at the open versus the close. The shares were trading around $49.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/-YfVSr9CQAvkuQpuTkQQdau-87T4DJY1IJo_tQ4bBg5S8UUxE_g7eXio6IR-zuNNMeYeKj5TckGneROe2MTasWX5M080-zOrer8YWjEcjM--CGJuwl5ENqal5Uc81jpDVXl1Tz-_FBjKsBHHog\" alt=\"Coinbase to cut about 18% of staff\"\/><figcaption>Source: <a href=\"https:\/\/www.marketwatch.com\/investing\/stock\/coin\">MarketWatch<\/a>.<\/figcaption><\/figure>\n<p>In April 2021 Coinbase went public via a <a href=\"https:\/\/forklog.io\/startovali-torgi-aktsiyami-coinbase-na-nasdaq-obnovlyaetsya\/\">\u043f\u0440\u044f\u043c\u043e\u0439 \u043b\u0438\u0441\u0442\u0438\u043d\u0433 \u043d\u0430 Nasdaq<\/a>. The first day of trading closed at $328.28 per share.<\/p>\n<p>In the first quarter of 2022, Coinbase posted a net loss of <a href=\"https:\/\/forklog.io\/coinbase-otchitalas-o-chistom-ubytke-v-430-mln-v-pervom-kvartal\/\">$429.7 million<\/a>. The figure nearly doubled analysts&#8217; expectations.<\/p>\n<p>Against the backdrop of a weak start to the year and a downturn in the crypto market, the company began to optimize costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The American Bitcoin exchange Coinbase will cut its staff by about 18% as the crypto winter takes hold.<\/p>\n","protected":false},"author":1,"featured_media":62898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Coinbase to cut about 18% of staff amid crypto winter.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138],"class_list":["post-62897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"Coinbase to cut about 18% of staff amid crypto winter.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=62897"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62897\/revisions"}],"predecessor-version":[{"id":62899,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62897\/revisions\/62899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/62898"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=62897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=62897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=62897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}