Cryptocurrency exchange Coinbase will lay off 950 people as part of the restructuring, which it plans to complete by the second quarter of the year.
The collapse of the world’s second largest cryptocurrency exchange, FTX, has led crypto companies to act on their toes. Cryptocurrency exchanges, in particular, have begun to review their financial situation in order not to experience an FTX-like collapse. Coinbase, one of these exchanges, was on the agenda with dismissals and restructuring moves. Finally, the cryptocurrency exchange wants to lay off 950 people during the restructuring process, which it wants to complete by the middle of the year.
Coinbase to Cut Staff by 20%
Popular cryptocurrency exchange Coinbase is struggling with the effects of the aggressive growth created by the bull market. In the face of difficult market conditions, Coinbase embarked on a costly restructuring process. These restructuring plans of the company are expected to be between $149 million and $163 million.
The stock market, which employs 4,700 people, will lay off 950 people, corresponding to 20 percent. These removals were also included in the planned restructuring budget. Layoff costs are expected to be around $58 to $68 million.
Coinbase CEO Brian Armstrong admitted that they are growing too fast. The change in market conditions was a factor in the popular stock market taking these moves.
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