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rashed below $24,000, reaching its lowest levels since the end of 2020.

cycle. We’re now over 5,000 full time employees, and we’re simply too large to effectively nimble and reactive in this downturn. We need to increase our efficiency dramatically to weather the coming storm.”

Coinbase to cull over 1,000 employees

Tuesday 14 June 2022 13:15 , Adam Smith

Coinbase is set to lay off over 1,000 employees, about 18 per cent of its workforce, as crypto prices continue to crash and the prospect of a “crypto winter” looms.

The crypto exchange will begin notifying affected employees on Tuesday, according to an internal memo from Coinbase’s executives that was seen by Bloomberg. Those employees will be terminated immediately and will lose access to Coinbase systems, the memo said.

Coinbase employees were to receive emails from HR to tell them if their job was affected, the executives said. Those would be sent to their personal email addresses, since the people being sacked would immediately lose access to the company’s systems.

Coinbase had about 5,000 full-time employees as of March 31, according to its latest SEC filing, meaning the layoffs will hit about 1,100 workers.output