To Weather the Crypto Storm, Coinbase Lays 18% of Its Workforce
Coinbase, one of the world’s largest cryptocurrency startups, is laying off about 18% of its personnel, according to an 8-K filed on Tuesday, June 14. This is when the crypto market is buoyed by the prospect of a more aggressive Federal Reserve interest rate hike. According to the filing, the cuts would reduce the company’s workforce by 1,100 individuals, taking the total to 5,000 by June 30.
According to Coinmarketcap, the entire value of the crypto asset is down 25% in the past month. The value of crypto has fallen from $1.24 trillion to $929 billion…
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