Coinbase Lays Off 18% of Employees Amid Crypto Disappointment

Coinbase, one of the world's largest crypto exchanges, has decided to reduce its workforce by 18% due to a sharp decline in the digital assets segment. The firm, which has its headquarters in the US, has said that it has taken this step to reduce costs in this difficult period of the industry. 

With this decision, the exchange is expected to lay off more than 1,000 employees. Coinbase has given this information to its affected employees through email to employees. Brian Armstrong, the exchange's chief executive officer, said in a blog post that, "The difficult decision has been taken to reduce the size of our team by about 18%. This will strengthen the firm during the economic slowdown." 

Taking the responsibility of hiring for the exchange, he said that a lot of people were recruited in the last few months and this is now affecting the efficiency of the firm. The exchange has claimed to provide Severance Package and Health Insurance to the employees being fired.