Coinbase Will Fire 20% of its Employees

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US-based cryptocurrency exchange Coinbase has announced it plans to fire 950 employees as part of the optimization of operating costs by 25%.

From June 2022, this will be the third wave of layoffs that affected 2,110 professionals.

The implementation of the initiative will require $149-163 million for severance pay and other payments. According to the company, the platform will reflect the incremental costs in Q1 2023 reporting.

The exchange CEO Brian Armstrong has said:

“We need to cut costs in order to increase the chances of success in any scenario.”

He has not ruled out the further spread of the “infection” of the industry due to the actions of “unscrupulous players.”