As Bitcoin prices plummet, popular cryptocurrency exchange Coinbase has announced massive layoffs across the company, including its support and compliance departments, as well as its legal team. This news comes only months after the exchange closed an $80 million Series D funding round, bringing their total capital raised to $106 million, with some big-name investors including USAA and The New York Stock Exchange (NYSE). While there’s no exact word on the number of employees who have been let go by Coinbase, sources say that senior executives are being spared this round of layoffs.
A major crypto exchange is down 30%
We grew too quickly coinbase downsizes amidst economic. Coinbase, one of the world’s largest cryptocurrency exchanges, has announced that it is down 30% due to the current economic downturn. This is a major blow to the crypto industry, which has already been struggling amid a prolonged bear market.
The reason why
The economic downturn has hit Coinbase hard. The company has had to downsize significantly amidst plummeting cryptocurrency prices. They have fired 50% of their customer service team, reduced their total staff by 10%, and let go of one third of the workforce in other departments. And it’s not just Coinbase that is downsizing, there are a lot of organizations with high-profile crypto connections who are making cutbacks too. For example, Ethereum co-founder Vitalik Buterin said that he would be cutting his pay from $1 million per year to just $100,000 for 2018.
Other companies are downsizing as well
We grew too quickly coinbase downsizes amidst economic. We are downsizing our company in order to stay afloat during this difficult time. Many other companies are doing the same thing in order to survive the current economic conditions. We want to reassure our customers that we are still here for them and will continue to provide the best service possible. We appreciate your understanding and patience during this time.
Is this an indication of the market downturn?
Yes, Coinbase’s downsizing is definitely an indication of the current market downturn. The company grew too quickly and is now facing the consequences. This is just one example of how the economy is affecting businesses large and small. For a lot of people this will be yet another hardship to deal with on top of losing their jobs or having their hours cut back at work. For others it may be more difficult because they rely on some form of economic security through business ownership such as running a business like a restaurant that relies on having customers to stay in business and can’t afford the risk of downsizing in order to maintain profits and stay afloat during tough times.
What’s happening with bitcoin prices?
Bitcoin prices have been volatile lately, and Coinbase has suffered major downsizing amidst the economic downturn. The company grew too quickly and is now facing the consequences. Many employees have been laid off, and the company is scaling back its operations. This is a difficult time for Coinbase, but it’s not the end of the world. The company will continue to provide excellent service to its customers and will eventually bounce back from this setback.