Coinbase Lays off close to 1000 of its workers

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The CEO of Coinbase pointed out that the reason for the cut was not just because of the bear market but the current economic climate.

Coinbase is the biggest crypto exchange in the United States of America. The sacking of its workers was one for survival.

CEO Brian Armstrong made this announcement in a blog post explaining that they laid off 950 of their workers as they were what they had to sacrifice for the company’s expenses.

In his statements, he explained that he still feels strongly about the direction Coinbase and the crypto market are headed but that it would be to the benefit of Coinbase if they make the cuts.

He continued to explain that the benefits of their sacrifices will be noted in the periods after the storm that has come upon the market. He said that the operating expenses in low reduced by 25% and this was the price they had to pay.

Because of the reduction in the number of people have reduced there are projects that they will not be following to the end anymore and he does not feel these projects have any chance of success.

Those who are affected were to be informed at this time.

He remained optimistic about the future of crypto but he stands firm that a lot of bad actors need to be taken off the market.

I think it is scary and remains scary how the market is going. Not just the crypto market…markets in general. There is so much to learn from the current state we are in and I hope we can take the message home and learn. I got to find out that some Hedge funds left their money on the FTX exchange and had to pay big for it.

My lesson is only to buy what you can trust, Coinbase has bought into the crypto market and they believe in it…everyone in the market should take that message and run with it.

What are your thoughts on all this? Let me know in the comment section below.

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5 comments
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This is sad, I hope it's not a sign that Coinbase is about to die :(

This post has been manually curated by the VYB curation project

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(Edited)

It will be a very big blow to the market, but I think it might be necessary if it is something we can survive. Do you think the initial intention for the crypto space was for centralisation? I think CEX are more likely to bend a knee to the government.

Thank you very much for your support

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if it is something we can survive.

We can survive it, but it will be a terrible blow. And a major setback to mass adoption :(

!PIZZA !ALIVE !LOL

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I agree...This FTX issue has set us back years of progress

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