Coinbase to slash 20% of workforce in second major round of job cuts
Publishing timestamp: 2023-01-10 11:42:24
Summary
Coinbase is cutting 950 jobs, or about a fifth of its workforce, in order to preserve cash during the crypto market downturn. This is in addition to the 18% staff reduction in June. CEO Brian Armstrong attributed the pressure on the crypto sector to "unscrupulous actors in industry," referring to bankrupt exchange FTX and its founder, Sam Bankman-Fried. Coinbase is also shutting down several projects with "lower probability of success." Other tech companies such as Amazon, Salesforce, Twitter, and Meta have also reduced their workforces. Armstrong said he is now trying to shift culture at Coinbase to "get back to its start-up roots" of smaller teams that can move quickly.
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Keywords: bitcoin, elon musk, fintech, coinbase global inc, blockchain, breaking news, amazon.com inc, breaking news: technology, cryptocurrency, business news, markets, technology, salesforce inc, meta platforms inc, breaking news: markets,