Coinbase has continued to feel the effects of the crashing cryptocurrency market with the company confirming that it will lay off a further 60 members of its staff among one of the worst downturns the industry has seen.
So far, Coinbase has laid off more than 1,100 employees worldwide as the cryptocurrency exchange blamed the volatility of cryptocurrencies its current predicament.
Other tech giants have been suffering as well, as Meta announced that it is laying off 11,000 people – the first time the company has ever announced a mass layoff.
CEO Brian Armstrong has previously admitted that his company overreached and hired too aggressively. When the company announced the first batch of layoffs in June, the chief executive said that 1,100 people will have to go.
Recently though, the company has been testier in its public comments of the industry, blaming the rapid swings in cryptocurrency valuation on most of its troubles.
Coinbase is hardly the only company to have been going through a very hard spell. Crypto.com and now FTX have both felt the pinch.
FTX is presently being investigated by the US Department of Justice and the Securities and Exchange Commission over potential compliance breaches involving securities and user funds.
Binance, which announced earlier this week that it would be buying out FTX, has bailed from the deal as the legal clouds over its rival have been gathering too quickly for Binance boss Changpeng Zhao’s taste.
A spokesperson for Binance said that the market will deal with people who have committed the “ultimate sin” of misusing consumer funds.
Coinbase’s own trading volume has been rapidly diminishing. The company also racked up $1.1bn loss posted during its most recent reporting period.
The layoffs may not be over for one of the world’s pillar cryptocurrency exchanges. Surprisingly, out of the really big cryptocurrency names, only Binance stands tall as it watches the rest of the sector in shambles.
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