One of the biggest crypto exchange platforms in the world, Coinbase, is undergoing a massive round of layoffs. Coinbase co-founder and CEO Brian Armstrong said that the company will reduce its operating expense by 25% and let go of 950 employees.
In a company email-turned-blog post (spotted by the Verge), Armstrong said that the crypto market has "trended downwards along with the broader [[link]] macroeconomy" and that "fallout from unscrupulous actors in the industry" contributed to Coinbase's decision to increase its present "operational [[link]] efficiency" at the expense of jobs.
The US employees affected by the layoffs will receive a minimum of 14 weeks severance and an additional two weeks for every year spent at the company. Armstrong also said Coinbase will ditch projects that have a "lower probability of success." More detailed specifics of the layoffs are listed in the company's 8-K filing with the SEC.
According to Armstrong, these "dark times will also weed out bad companies," and "better [[link]] days" are ahead.
"Progress doesn't always happen in a straight line, and sometimes it can feel like we're taking two steps forward and one step back," he wrote.
