To Weather the Crypto Storm, Coinbase has Laid Off 18% of its Workforce

Jun 14, 2022

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To Weather the Crypto Storm, Coinbase has Laid Off 18% of its Workforce

Originally posted here.
By: Peter Olaluwapo

Overview

According to an 8-K filed on Tuesday June 14, one of the world’s largest cryptocurrency startups, Coinbase, is laying off nearly 18 percent of its personnel. This comes as the crypto market continues to be battered by prospects of more aggressive Federal Reserve interest rate hikes. According to the filing, the reduction will reduce the company’s staff by 1,100 individuals, bringing the total to 5,000 by June 30.

According to Coinmarketcap, the entire value of crypto assets has dropped by 25% in the last month. Crypto’s value has plummeted from $1.24 trillion to $929 billion as …

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