Coinbase cited the rapidly changing economic conditions, the needs for managing costs, and the company’s previous over-hiring as reasons for laying off 18% of its employees.
Coinbase is laying off 18% of its employees less than two weeks after the company said it would extend a hiring freeze and rescind some accepting offers.
“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,” Armstrong wrote. “In past crypto winters, trading revenue has declined significantly.” Coinbase had been expanding rapidly. In February, the company said it planned to add 2,000 employees in 2022. It hired 1,200 employees in the first three months of the year, pushing its total headcount to 4,948 as of March 31, nearly tripling the number of employees from a year earlier.
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