Coinbase, which functions as a virtual company with no physical headquarters using remote employees, a cryptocurrency exchange platform, is implementing a restructuring plan with the goal of reducing operating expenses.
The cost-reduction initiative impacts approximately 950 employees and is expected to be substantially complete by the second quarter of 2023.
Coinbase CEO Brian Armstrong noted...
"In 2022, the crypto market trended downwards along with the broader macroeconomy. We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion... In the face of increasingly challenging economic conditions, we made the difficult decision to further reduce the size of our teams to ensure we have the appropriate operational efficiency to weather downturns in the crypto market and capture opportunities that may emerge."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?