Coinbase CEO Brian Armstrong <a href="https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12">announced </a>today that the company is reducing its workforce by 18%. Armstrong announced this news through a blog post in which he mentioned that the affected employees will be notified via their emails. Armstrong added that the company has decided to their access to the Coinbase system. They will receive a minimum of 14 weeks of severance.

https://twitter.com/coinbase/status/1536682940347785216

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<h2>Brian Armstrong Alluded to the Possibility of a Recession</h2>
CEO Brian Armstrong alluded to the possibility of a recession and the necessity to control Coinbase's burn rate and boost efficiency. He added that during a bull market, the company grew too quickly. Armstrong said,

<em>"We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter and could last for an extended period,</em>

Coinbase had previously <a href="https://www.cryptoknowmics.com/news/coinbase-slows-hiring-amid-current-market-downturn/">stated</a> that it was halting hiring. After two weeks, the crypto behemoth said the freeze would be extended for the foreseeable future. Coinbase announced earlier this year that it would be hiring 2,000 people across product, engineering, and design. Coinbase's stock is down 79% this year and 85% from the all-time high. Meanwhile, Bitcoin has dropped to near $22,000 and has lost 53% of its value this year.

It is worth noting that the prolonged bear run has constrained many crypto companies to cut down the number of employees. While Robinhood <a href="https://www.cryptoknowmics.com/news/robinhood-lays-off-9-of-its-full-time-employees/">laid off 9% of its employees</a> in April this year, crypto.com <a href="https://fortune.com/2022/06/13/crypto-com-cuts-260-jobs-market-downturn/" target="_blank" rel="noopener">announced</a> yesterday that it would let go 260 employees, who make up 5% of the organization's strength. The latest lay off has made Coinbase one of the many crypto organizations to that have reduced their workforce.

Coinbase To Reduce Workforce by 18%

Coinbase CEO Brian Armstrong announced today that the company is reducing the workforce by 18%. Armstrong announced this news through a blog post

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Coinbase To Reduce Workforce by 18%

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