Coinbase Axes About 1000 Jobs

(RTTNews) - Coinbase Global, Inc. (COIN), a crypto-currency exchange platform, said on Tuesday that it is slashing 950 jobs and cutting operating expenses by 25 percent on quarter-on-quarter basis, citing collapse of cryptocurrencies in 2022.

This follows the collapse of cryptocurrencies in 2022. The company plans to wind up several projects with lower probability of success.

These jobs are being removed at certain locations in Europe. Coinbase noted that all other projects will continue to operate as normal, just with fewer people on the team.

Brian Armstrong, CEO of Coinbase, said: "…As we examined our 2023 scenarios, it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario."