Coinbase cuts staff by 20%, operating expenses by 25% Cryptocurrencies
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! “We need to make sure we have the appropriate operational efficiency to weather downturns in the crypto market, and capture opportunities that may emerge,” Armstrong wrote.
Armstrong wrote that U.S. workers would receive a minimum of 14 weeks of their base pay and would continue to receive their health insurance and other benefits during that period, and non-U.S. workers would receive “similar support” based on the employment laws of their country. Coinbase is the latest crypto exchange to announce significant staff reductions in the past week as digital asset firms fight to weather the crypto winter. Houbi Global announced they were laying off 20% of their staff on Jan. 6, and crypto lender Genesis cut 30% of their employees on Jan. 4.
Coinbase processes $1.9 billion in trade volume every day, second only to Binance’s $7.9 billion, according to crypto data firm Messari. But this is far less than the over $5-7 billion they averaged per day in late 2021, and with Coinbase making approximately 90% of its revenue from trading fees, the exchange has had no choice but to reduce expenses accordingly.
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