Job cuts continue in the Tech world as Coinbase plans to a layoff its workforce

The crypto exchange Coinbase has announced to let go of 18% of its workforce, approximately 1.100 people will lose their jobs.  

Just like other tech companies, Coinbase is doing whatever it takes to stay afloat during these economic tough times. 

The company’s CEO Brian Armstrong in a blog post said: he had multiple conversations with his management team over the last month to arrive at this decision. 

Armstrong said: that rapidly changing economic conditions, managing costs in down markets and the company growing “too quickly” were the primary reason for these layoffs. 

“In the next hour, every employee will receive an email from HR informing if you are affected or unaffected by this layoff. Every affected employee will receive an invitation to have a direct conversation with your HRBP and the senior leader of your organisation.” 

The company is concerned about the high wage bill.  

Armstrong continues, “If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realise that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you.”

Sadly, every time a company tries to survive the first thing they do is cut jobs, that’s the livelihood of people. 

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