Technologies new blogTechnologies new blog

Coinbase to cut 20% jobs and abandon ‘several projects’

This is the second round of major layoff at the crypto exchange, which eliminated 18% of its workforce, or nearly 1,100 jobs last June, but there was “no way to reduce our expenses significantly enough, without considering changes to headcount,” Coinbase co-founder and chief executive Brian Armstrong wrote in a blog post Tuesday. “Dark times also weed out bad companies, as we’re seeing right now. But those of us who believe in crypto will keep building great products and increasing economic freedom in the world. Better days are ahead, and when they arrive, we’ll be ready. Thank you for everything you’ve done to get us this far, and everything you will do to carry us forward,” he wrote. Shares of Coinbase jumped 15% on the news to $38.2 apiece. It is still down 83% in the past one year. Armstrong did not specify which all projects the firm plans to shut down, but said those projects had a “lower probability of success.” More to follow Coinbase to cut 20% jobs and abandon ‘several projects’ by Manish Singh originally published on TechCrunch

Source

Press ESC to close