Coinbase cuts workforce by ‘about 18%’
Coinbase announced on Tuesday that it would move to cut the size of its workforce by “about 18%.”
In a blog addressed to staff, CEO Brian Armstrong wrote that the decision had been made to “ensure we stay healthy during this economic downturn.” He also said that Coinbase had grown too quickly and had “over-hired”.
Affected employees will be notified via their personal emails, Armstrong added, as the company has decided to cut their access to the Coinbase system. They will receive a minimum of 14 weeks of severance.
This is a breaking story and will be updated.
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Author: Lucy Harley-McKeown and Callan Quinn
