US cryptocurrency exchange Coinbase has announced its second wave of staff layoffs.
The company has dismissed a further 950 employees down to the current economic climate, a move made after laying off 18% of its workforce due to adverse macroeconomic conditions.
The dismissal is a result of the company’s long-term strategy to cut costs amid the prolonged bear market.
Coinbase CEO and co-founder Brian Armstrong stated he has “made the difficult decision” to reduce the company’s operating expenses “by about 25% Q/Q, which includes letting go of about 950 people”, all of which will be informed today.
The affected team members will receive an email to their personal account and an invitation to meet with an HR business partner (HRBP) and senior leader.
“It became clear that we would need to reduce expenses to increase our chances of doing well in every scenario.
“While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount”, continued Armstrong.
Alongside cutting its employee numbers, Coinbase “will be shutting down several projects” that showcase a “lower probability of success”.
A “comprehensive package” will be given to the affected employees to provide support through the transition including health insurance, a minimum of 14 weeks base pay with two additional weeks per year worked, and other additional benefits.
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