After laying off 1,100 workers last June, Coinbase has laid off about 950 workers. The decision came from plans to reduce operating expenses by 25 percent per quarter, keeping in mind the growing volatility of crypto markets and the global recession. News Engadget.
According to the website of Coinbase, the total number of employees after the organization is more than 4700. As a result, the company is laying off about one-fifth of the total workforce.
Coinbase is dropping projects that have had little success due to layoffs. Other teams will be staffed. However, those leaving will be paid at least 14 weeks of basic pay, an additional two weeks of pay for every year of service, health insurance and other benefits.